Cryptocurrencies have gained massive adoption from retail and institutional investors over the past few years. However, the adoption rate over the past twelve months has been excellent as more people seek exposure to Bitcoin and other cryptocurrencies.
Bitcoin Penetrates Most US Homes
A recent study by Grayscale Investment has revealed that 26% of US households surveyed currently own Bitcoin. This is up from the 23% of households in the United States that held Bitcoin last year.
The survey of 1,000 homes in the United States revealed some exciting statistics about cryptocurrencies. The number of homes in the United States that hold cryptocurrencies has increased by 3% over the past year.
The major reason why the number of households that currently own bitcoins increased could be due to the rising inflation levels. The inflation levels in the United States have been increasing over the past year, and more investors are seeking access to Bitcoin and other cryptocurrencies. This is because Bitcoin’s returns surpass the inflation level, allowing investors to make reasonable profits from their investments.
The Demand for Bitcoin is Increasing
According to the survey, more than half (55%) of current investors in Bitcoin began investing over the last 12 months. Most of the investors are in it for the long term, as the survey indicated that 66% of those that bought BTC in the past 12 months are still holding.
Furthermore, of the investors who have sold, 91% have sold at least some Bitcoin at a profit. The report added that even with the rise of market segments and use cases, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), Bitcoin still accounts for 46% of the total value of crypto markets.
Grayscale’s study is not a one-off. Last month, a new Pew Research Center survey revealed that 86% of Americans say they have heard at least a little about cryptocurrencies. Meanwhile, 24% of them said they had heard a lot about them.
This article was originally posted on FX Empire