Why only 6.2 percent of American citizens own Bitcoin?

[kro55]

It was 2017 when bitcoin came into spot light, before that it was dry period in terms of bitcoin adoption. This 6.2% adoption is span over a period of 3 years and I am sure this adoption will increase with passage of time. There are countries where Bitcoin adoption is more than USA like in Japan, South Korea, Switzerland, and Slovenia.

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[darewaller]

Uuhm, I would still say that’s a good number. You should compare this number to what we have for gold and silver, you will see that there is much adoption bitcoin, though it’s not more than that of gold and silver, but for an asset that was just created in the last ten years I would say that the adoption is really fast to have gotten to this extent. It’s not going to end here because I know that as time goes on the rate for adoption will keep on increasing and more people will adopt.

The most important thing is trying to figure out what’s causing people not to have interest in it, like volatility, I believe if that’s sorted out a lot of people will go for it.

[X-ray]

It was 2017 when bitcoin came into spot light, before that it was dry period in terms of bitcoin adoption. This 6.2% adoption is span over a period of 3 years and I am sure this adoption will increase with passage of time. There are countries where Bitcoin adoption is more than USA like in Japan, South Korea, Switzerland, and Slovenia.

Asian countries are ahead of other developed countries nowadays when it comes to something groundbreaking like cryptocurrency and instead of being ignorant and afraid they are trying to understand what it is and what benefits it can get. Not surprised that only small minority of US citizen actually get hold of bitcoin while the rest of them just know Apple pay.

[red4slash]

It was 2017 when bitcoin came into spot light, before that it was dry period in terms of bitcoin adoption. This 6.2% adoption is span over a period of 3 years and I am sure this adoption will increase with passage of time. There are countries where Bitcoin adoption is more than USA like in Japan, South Korea, Switzerland, and Slovenia.

Asian countries are ahead of other developed countries nowadays when it comes to something groundbreaking like cryptocurrency and instead of being ignorant and afraid they are trying to understand what it is and what benefits it can get. Not surprised that only small minority of US citizen actually get hold of bitcoin while the rest of them just know Apple pay.

but actually you don't have to compare like this, because the level of curiosity of someone is not from the region but rather to the person himself. plus income in the US is quite large and I think for them to buy bitcoin is very easy, but of course they have a reason not to use it and for me the current amount is good enough that important users are increasing.

[asus09]

United State government not allowed using bitcoin as legal currency payment and have little population in United State use bitcoin as legal currency payment and investment assets, I think when bitcoin have been legal currency payment maybe population of United State citizen using bitcoin will increase from 6,2% become more than 10% of citizen in United State.

[Youghoor]

People should understand that Bitcoin is not for everybody. A lot of people living in US find it difficult to accept the nature of Bitcoin as a financial means of making transactions or storing fiat digitally. People see the tendency of them losing their money in the form of bitcoin easily compared to the existing online payment platforms.  Personally, I think the above reasons are why 6.2% of US citizens own Bitcoin.

[OROBTC]

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6.2% seems way too high a percentage of Americans who own Bitcoin (to me).

Owning BTC requires a certain reasonable minimum of computer competence as well as the gumption to dive into a fairly complex (and somewhat risky) financial arena.  And it is not easy enough for the masses to get and use.  Nor are there enough merchants who accept payment in BTC (though you can buy gold from at least four precious metals suppliers).

I only know TWO people personally who have BTC.  Maybe because I am older than most here that my view is skewed, but 1/16 (~6%) of the population of the USA owning BTC seems too high a number.

[contraband]

Sorry, there is not 20 million people in the USA owning Bitcoin or other digital assets. A Generous estimation would be 1.1% which is 3.85 million people and even that still seems high. Perhaps even .5% could be more accurate.
Bitcoin is still seen as an ultra risky asset and largely not understood by a population who barely understand the difference between a web browser and google search.  No way does 20 million people own this yet. Perhaps not even worldwide. I could be wrong there but I don't see any evidence of that yet.

Exactly

And if the above quote is correct, which I 100% believe it is, then where will be be when something like 25% own it? What will cryptos marketcap be then?

The big jump hasnt happened yet.

Quarter million to 1 million BTC is mathematically in the cards

[chaoscoinz]

I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

[rodskee]

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/

well maybe 6.2 in america but what about other part of the world?like europe and asia?and now african countries and other continents are getting entered crypto world?and besides AMERICA dont speaks for the whole world so no matter if how little the americans uses or hold bitcoins what is important is how much Bitcoin they owned?what if those 6.2 represent the 30-40% of bitcoin holds in the world?so it was not bad after all right?

[Linkkoin]

I think that it is because their isn't any major promotion being done by any prominent enough figures. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Promoting BTC and cryptocurrencies is very problematic, many advertising companies either have an explicit ban on cryptocurrencies in general (next to pornography or gambling) or meeting such requirements which cannot be met by most of the companies.

[senne]

Bitcoin is indeed pretty famous and popular in USA of all the countries but the acceptance rate is pretty low all around the world. The global average is far less than the 6.2% of the USA's. So in a way for the developing currency like Bitcoin, 6.2 is a pretty decent percentage.

I guess the percentage is pretty high in some Asian countries where the utility is high as well. Where vendors are actually accepting Bitcoin and people are using it for more than just trading purpose.

[Twentyonepaylots]

I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Biggest factor about this small number is the lack of knowledge regarding bitcoin and/or cryptocurrencies. Another will be the general panic that bitcoin underlies, people are still scared to invest on bitcoin. Third and this could be related to the second reason, elderlies, particularly boomers are reluctant in investing to bitcoin, this creates a domino effect which then disallows bitcoin to get into its target audiences.

[arimamib]

I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Biggest factor about this small number is the lack of knowledge regarding bitcoin and/or cryptocurrencies. Another will be the general panic that bitcoin underlies, people are still scared to invest on bitcoin. Third and this could be related to the second reason, elderlies, particularly boomers are reluctant in investing to bitcoin, this creates a domino effect which then disallows bitcoin to get into its target audiences.

I rather think it happened because of the lack of knowledge from the people there to use bitcoin, so if compared to their monthly income I think they will be able to buy bitcoin but maybe they don't know to buy and invest in it therefore they don't have many users there .

[tvplus006]

Bitcoin is becoming more and more common. But there are a lot of people who don't know Bitcoin. It's unreasonable to think that all of these people would buy bitcoins. I don't think that's gonna happen. However, more investors can enter the market than today's investors.

I also think so, that the usual knowledge about BTC is not enough. Although most people have heard about bitcoin, they do not know what its advantage is over the dollar. In addition, there is still a difficulty for many to make a payment, because it does not work like a credit card.

[ice098]

Bitcoin is becoming more and more common. But there are a lot of people who don't know Bitcoin. It's unreasonable to think that all of these people would buy bitcoins. I don't think that's gonna happen. However, more investors can enter the market than today's investors.

I also think so, that the usual knowledge about BTC is not enough. Although most people have heard about bitcoin, they do not know what its advantage is over the dollar. In addition, there is still a difficulty for many to make a payment, because it does not work like a credit card.

For me 6.2% only of American are using bitcoin because they dont need it and also the crypto world. Wanna know why? Its because they are one of the most progressive and rich countries all over the world and each of their citizens earn a lot of money because of their high valued dollars. Believe it or not even the maids and gasoline boys  on US are rich because of their good salary and because of that I dont think many of them will prefer trading here in the crypto world.

[johnwest]

6.2% is a great percentage if you compare it with other countries like India. I dont think there is even 1% of the population is into crypto. Its hard to educate people the advantages of crypto and what it will do to the society in the future. I think the Americans are fortunate enough to have all the technologies first hand and we may see more people into crypto after an ETF.

[Leviathan.007]

I believe must of the bitcoin whales are american. that 6.2 percent is not a little number.

[huige007]

I believe that people who rely more on Bitcoin are the less developed countries whose inhabitants find ways to survive and thus see Bitcoin as a heaven-built avenue. Therefore, they are struggling to turn their little fiat into bitcoin to exchange or hold fast-growing expectations. Countries like the U.S. with a good economic base won't have too many people dependent on keeping bitcoin, the government has taken care of the basic needs like employment.

That is very true, bitcoin is getting popular and familiarize in the areas where people are not financially much stable. Usually the young generation and students find this market interesting to work. They use it as a mean to earn for their daily living. On the other hand in developed countries people have multiple opportunities for earning.

[Swordsoffreedom]

In the USA, it was 0% in 2009 and in 2019 its 6.2%. The beauty of bitcoin is that it’s not only limited to one country rather its distributed globally. Today we have bitcoin adoption in regions where there are no banks or people are out of banking system due to different reasons. If you see global adoption of bitcoin, it is very much at satisfactory level.