Why only 6.2 percent of American citizens own Bitcoin?

[crypto_neil]

Solid economy and low employment.  The historic 10+ year bull run, coupled with low volatility, and ease of access to traditional assets over the past decade.  It will be telling to see how Bitcoin responds during the next bear market and whether more Americans adopt if it is able to produce uncorrelated returns as a safehaven to store assets - similar to the role of gold in a down market.

Bitcoin remains too complicated to understand and difficult to buy for the average person.  Time, education and new service offerings from the large institutions is needed.

[1714751956]

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[BitHodler]

Likely it's a convenience issue. Americans love their credit cards and loans! I doubt they haven't heard it yet, most major network has made at least one story about Bitcoin.

It's hard to believe that people haven't heard of Bitcoin yet, so your observation is something I can agree with. People here just need to accept that the demand for Bitcoin isn't all that high yet in relation to the entire US population.

Taking above into consideration, it shows how much potential demand there could be for Bitcoin, so if we have gone up to where we are today with low adoption, imagine what's going to happen when mass adoption actually takes place.

At today's price the risk v reward ratio seems pretty solid, so I am adding to my spot position twice a month.... if we fall even lower then I'm getting even more satoshis for my fiat so you won't see me complain.

[minersday]

The idea of owning and keeping your money in a form digital currency scares people even if the platform of bitcoin looks good and flawless. This discourages people from owning bitcoin since they are scared they might lose their money with the least mistake.  To further add to this regarding why just a few percentage of Americans own bitcoin,  bitcoin as been referred to as nerd money. This means that only people who are into computer programming and science know about Bitcoin and own some of it. This can somehow 6.2% have knowledge about Bitcoin and own bitcoins...

[dimox]

i think, in every country also have that number, but some country have high user and maybe above 10%. if we join on internet, some site, maybe many people of different country, but actually maybe it just same person with many account. the spread of bitcoin is not fully conpleted. thats why, if we want to world, all of people know about bitcoin, we must spread. to known person until strange

[bitcoinposts]

Amercias should get knowledge about crypto currencies and their benefits and mass adoption should increase in america then we can expect more btc owners

[boltz]

6.2 its a pretty nice percent for Americans as they have a high number of population so there is still a lot of space to grow that number in the next months/years. My guess would be that as soon as Libra projects gets approval a lot of Americans will jump into the crypto train especially on Bitcoin and XRP. Another things is that I'm glad that the number of world wide adoption is growing on a decent pace every day and this is why Bitcoin was created right ? To be used by everyone , everywhere.

[karanggatak]

6.2% of all the citizens of the United States I think quite a lot. if counted there are around 20 million people who use bitcoin. and I'm sure the numbers will continue to grow. most people are not familiar with bitcoin they are accustomed to using fiat money or credit cards or paypal for daily transactions, and also not everyone has more money to use bitcoin investments. so it's natural if in each country the number of bitcoin users is below 10%. but I am optimistic that when bitcoin next year can become bullish again like 2017 then more people will be interested in investing in bitcoin.

[Fatunad]

Only 6.2% and btc price reach as high as $20,000 and it's just running for 10 years. There will be a lot of changes and adoptions soon not only with the americans but also to another countries. One of the reasons why only 6.2% of americans holds btc because they have a lot of choices to put their money in like the stocks and some retirement plans and other retirement investment form.

[caffu chino]

because there, bitcoin/crypto has not been fully legalized. This is the main reason why there are still many people who do not have bitcoin. the US government is very strict in this matter, just look like the case of libra and telegram. the two projects are still uncertain, because the US government has not yet given permission.

[Vishnu.Reang]

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor

I would disagree with both the points.

1. Making payments with Bitcoin is easier than doing so with credit cards. That is true at least for the online payments. My only concern would be the transaction fee for Bitcoin, which can be volatile.
2. The second point is not right. Actually it is the opposite case. Bitcoin is an asset that can be held by the poor as well. Because Bitcoin is almost infinitely divisible and it is possible to purchase BTC for very small amounts (like $5 or $10). This advantage is not available for any of the other assets, including stocks, bullion, treasury bonds and real estate.

[hermawan9416]

Because the US government is still trying to resist the spread of cryptocurrencies.

[Astvile]

How can you say 6.2% is an only part of total American citizens. 6.2% is really big if you'll gonna compute it to the total American citizen population right now. It is well over 20million people who own bitcoin in the America and that is ridiculously big compared to other countries.

[jets567]

Bitcoin is not fully adopted so for me the 6.2% is a good thing in crypto-space and I'm pretty sure that it will grow more in the few years though I'm thinking that maybe some Americans are staying away from Bitcoin is because there are lot of rejection in hearings recently that pertains to Bitcoin which is held in their country.

[V1saya]

If there are 327 million American citizens, 6.2% of it is 20.3 million. Which means there are 20.3 million Americans that own Bitcoin. If about one-fourth of the Americans are aged 20 to 40 or 81.7 million, it means that one-fourth of them are owning Bitcoins. Which is not bad after all. 20 to 40 years old are the working class and they will be the most influential in the next 20 years. If bitcoin continues to scale accordingly then the future looked very promising.

[LbtalkL]

6.2 percent is not that bad there are only 5000 people respondents. Survey on 5000 people does not conclude anything, I google  US population last 2018 the result is 327.2 million (2018). There are so many people that are not included or covered on that survey right? 5k compared 300M+ people. That is why I don't believe in surveys.

[CarnagexD]

Hey, 6.2% is not bad at all IMO.  That means there's lots of room for growth.

6.2% of American people is not a small population, we are talking here millions out of 100% that owns bitcoin and that is roughly 18 million people. Let us not factor out the ages or who knows what crypto is, that would be different approach. Amazingly that is already a growth.

I've always thought that the reason most Americans (and most people in general) don't own bitcoin is because they don't see a real need for a replacement for fiat.  The USD is a very stable currency, inflation concerns aside, and American citizens don't feel the need to go way out of their way to buy another currency with their USD simply for the sake of spending it.  That's mainly why bitcoin doesn't get used as a currency.

Given that they have the strongest fiat currency, a stable and mostly used one, another thing is the monetary policy they have. Their government are protecting their citizen from fluctuation and volatility from cryptocurrency.

[panganib999]

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/

I've read the article and it shows that the majority of the respondents do not own any cryptocurrency, specifically bitcoin and also not interested about buying some anytime soon or later. The reason why bitcoin's adoption has been hitting the critical level of popularity index is because people hasn't even heard of it and barely know what bitcoin is all about, bitcoin is lacking in terms of the marketing that advertise it and make it to the mainstream. The popularity and the good image of bitcoin only circulates within the cryptospace, not reaching non BTC fans and letting them know the things that hooked crypto enthusiast's interests.
        Also, people that are said to be 55 of age above increased the number of non-BTC fans, that article was right that this was probably because people of thatge is nearung the retirement age and would prefer investing in a stable coin rather than bitcoin which is very volatile and risky to even start.
        

[joinfree]

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/

America is a great nation and with a great number of population so having 6.2% of the entire nation using bitcoin is quite a large amount mate. Also considering all he harsh regulation policies that surround cryptocurrencies and the fact that users can get charged high fees if they don't comply with the rules. It's a step in the right direction, let's hope this number increases with time now that we have seen China softening up on cryptocurrencies.

[shield132]

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor

Oh, if you ask people here, it's one of the most easiest payment method available in this universe but in reality it is not and what you wrote is 100% right, why to waste time on opening bitcoin wallet and sending btc to specific address while we can easily touch our visa/master cards to terminal.
And why isn't btc for poor people? I think more likely they are looking for easy money and when we talk about easy money, bitcoin always pops up because of various reasons.
Also if that percentage of people who own bitcoin in USA is right, which according to post is 6.2% it's still pretty good. Maybe this percentage sounds low but in overall, to calculate 6.2% of population, it's still good number.

[josephdd1]

Because the cryptocurrency industry still has several drawbacks that understandably give experienced investors pause when they're choosing whether to invest.

The market is largely manipulated, most cryptocurrencies are so volatile they're downright dangerous to hold, and there are very few regulated investment options for investors.

If you were an experienced trader, you would stay well clear too.