A new study estimates that about 46 million Americans now own at least a share of Bitcoin — or about 17% of the adult population. What’s more, a high percentage of those people are open to adding cryptocurrency to their personal financial plans.
New York Digital Investment Group conducted the study, and they found that about 75% of the respondents said they wanted to learn more about Bitcoin annuities and Bitcoin life insurance. Nearly 90% said they had some interest in insurance or annuity products that have at least some indirect link to Bitcoin.
This survey is an eye-opener, it shows how many Americans have embraced cryptocurrency during its recent surge and its general popularity. In fact, the survey asked how respondents would feel if their insurance carrier invested less than 2% of its cash in Bitcoin:
- 43% said such an allocation would be acceptable
- 42% said it might be okay
- Only 15% said they didn’t like the idea
The survey included a national sample of 1,050 U.S. consumers with an annual income of at least $50,000. And it used the standards of the Census Bureau’s American Community Survey to weigh its data based on the demographic composition of the United States.
What is keeping more Americans from adopting cryptocurrency?
The future adoption rate seems to rely on education. The data is undeniable that people are extremely open to using cryptocurrency, but a bulk of people want to understand it better. Case in point: On May 4th, credit card giant Mastercard released a survey with over 15,000 people from 18 different countries — called Consumer Appetite for Digital Payments Takes Off. And the results were revealing. The study showed that millennials are the most active in cryptocurrency. But three-fourths of them wanted to understand how cryptos work before using them.
Here are the two notable statistics from the study by Mastercard:
- Nearly 80% of millennial consumers are interested in learning about cryptocurrency to understand them better.
- 75% of the respondents noted that they would be more open to using cryptocurrency if they understood more about them and how they worked.
The adoption rate has spiked in the last two years, and the continuous education of the public on cryptocurrency is a critical initiative in the next decade.
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