Bitcoin’s rise to popularity in 2017 was more than astounding and now entering into 2018 many are looking to Bitcoin with much enthusiasm. With the popularity of cryptocurrency on the rise, AYTM wanted to dive deeper and understand what consumers are thinking.
We took this opportunity to survey 1,000 respondents to better understand how consumers are seeing Bitcoin as well as other cryptocurrencies.
Although the word, “Bitcoin” has now become a highly talked about topic around the dinner table. When asked, we found that most respondents (67%) have heard of Bitcoin through the news, while 60% are hearing about Bitcoin through social media sources.
Most are aware of what Bitcoin is, with 75% of respondents naming it as a type of cryptocurrency. Of those, male respondents seemed to be more aware of what Bitcoin is, 89%, compared to females at 67%.
Being in the Know
Bitcoin, although the most popular of cryptocurrencies, is not the only source of currency out there. Of the cryptocurrencies, 41% have heard of Bitcoin Cash followed by 22% Litecoin and 19% Ethereum.
Mining for Information
With any new technology or seemingly complex investment, comes new terminology. And to put those terms to the test we asked our respondents a few key phrases that are involved in the Bitcoin/cryptocurrency community.
Of all the terms, it seems “mining”came up on top with 37% of respondents familiar with the term. While “blockchain” came in second with 20%, followed by 13% who are familiar with the term “ICO” or “initial coin offering.
Investing in the Future
Of the 1,000 respondents 9% have already invested into Bitcoin while 34% are still on the fence about investing and 8% plan on investing soon.
Although it seems cryptocurrency is on the up and up, most aren’t ready to invest in other cryptos. 52% don’t plan to invest in others beyond Bitcoin, while some are more optimistic with 11% looking to invest in something else beyond Bitcoin.
Millennials seem to be more inclined to invest in Bitcoin, with 13% claiming they will invest soon compared to 11% who have already invested. Baby boomers on the other hand are less likely to invest compared to millennials, with 8% who have invested and 5% planning to invest soon.
The reason for investing differs, but for the most part (77%) are really looking to invest to make money while others are investing based on articles they’ve read in favor of bitcoin (33%). The fear of missing out (FOMO) is all too real with consumers, 32% will be investing with just that reason in mind.
Lastly, we asked consumers if they were given $10,000 with the obligation it must be invested into Bitcoin, 63% said yes while most are still on the fence (23%) with a answer of “maybe”.
Back to the Basics
Our data found that many who are investing have been investing more than 10 years (40%) followed by those who’ve been investing for 3-5 years(18%) and 5-10 years (16%).
With Bitcoin being the latest hottest investment it isn’t the only thing people are investing in. When asked many are more interested in investing in stocks (81%) and personal investments such as 401Ks and retirement funds (78%). Leaving those with interests in bonds at 43%.
When asked what types of investments people are interested in, technology took the lead with 53%, followed by real estate at 52%. Other interests included science (26%), entertainment streaming services (20%) and music streaming services (17%).
While Bitcoin has made a rise to popularity, it seems many are eager to invest or are currently invested. Some seem to be eager to invest due to FOMO (fear of missing out) but of course many are excited in the thrill of possibly making money. With Bitcoin not being the only form of cryptocurrency out there, there is a possibility that other cryptos may become just as popular soon. With many learning about Bitcoin in the news or social media, it doesn’t appear like it will be disappearing anytime soon.