Thursday, November 26, 2020

Grayscale Survey: COVID-19 made Bitcoin more appealing to investors

Must Read

Experts say institutions drove Bitcoin’s rise to $19K and that alt-season is coming

Analysts are pointing to demand from financial institutions and publicly listed companies as the primary forces behind BTC’s sudden re-test of its all-time highs.“The...

Bitcoin price suddenly drops 11% as whales move BTC to exchanges

Bitcoin (BTC) dropped $1,000 in minutes on Nov. 26 as a long-awaited pullback hit the market at close to $19,500.BTC price hits $17,250 lowsData...

Bitcoin fees remain low despite price surge but Vitalik says they could soar

Despite Bitcoin’s surge to re-test its 2017 highs, a combination of low on-chain transactions and diminished retail speculation has seen transaction fees remain low.The...

Australian government embraces blockchain with new trial and public servants’ network

The Australian government is trialing the use of blockchain technology for inter-government document exchanges with Singapore as the latest action in a series of...

A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).

Source: Grayscale Investments.

The firm surveyed 1,000 U.S. consumers between the ages of 25 and 64 that were involved in personal investments of $10,000 or more in household investable assets. The survey was conducted in June-July 2020. 63% of the respondents who had invested in Bitcoin in the previous four months said that the pandemic had an impact on their decision. Moreover, 39% found Bitcoin to be more appealing because of the pandemic. Only 13% said that the events surrounding COVID-19 made the asset less desirable:

“According to respondents, Bitcoin appears to share some attributes with safe haven investments. Bitcoin’s scarcity, verifiable nature, lack of correlation to global markets, and the fact that it isn’t controlled by government organizations are attributes that make Bitcoin similar to traditional safe haven investments.”

This appears to support Bitcoin’s status as a safe-haven asset, as posited by many analysts. According to the results of the survey, interest in Bitcoin as an investment appears to increase in tandem with education level. Thus, only 17% of the respondents without a degree had an interest in the asset, while 29% holders held a graduate degree.