Study Shows Significant Increase in Bitcoin Ownership Among US Investors

Key Points:

• One in four Americans and 55% of surveyed investors own bitcoin.
• 95% of current BTC owners are considering increasing their holdings in 2024.
• 42% of current BTC owners and 35% of non-owners are influenced by increased regulatory clarity.
• Potential approval of a bitcoin ETF and the anticipation of a US economic recession also impact BTC purchases.
• 79% of investors believe BTC will surpass its all-time high of $69,000.
• 55% of surveyed investors predict a new all-time high for BTC in 2024.
• Nearly half of BTC owners have BTC in their retirement accounts.
• Unchained aims to serve the growing demand for bitcoin exposure through tax-advantaged vehicles like its bitcoin IRA.

Unchained, a prominent Bitcoin financial services provider, has released a new report revealing a significant surge in bitcoin ownership among Americans. The study, based on surveys conducted with 402 US investors, found that one in four Americans and 55% of surveyed investors currently own bitcoin.

What’s particularly noteworthy is that 95% of current BTC owners are considering increasing their holdings in 2024. Even more interestingly, almost half of non-BTC owners expressed a strong inclination towards purchasing bitcoin within the upcoming year.

The survey identified several key drivers influencing potential BTC purchases in 2024. One of the main factors highlighted by 42% of current BTC owners and 35% of non-owners is increased regulatory clarity around digital assets. The potential approval of a bitcoin spot ETF by the Securities and Exchange Commission (SEC) and the anticipation of a US economic recession were also identified as influential elements.

Despite the recent decline in BTC’s price, with it being down over 50% from its peak, the survey revealed that 79% of investors believe BTC will surpass its all-time high of $69,000. In fact, more than half of the surveyed investors (55%) predict a new all-time high for BTC in 2024. Furthermore, a third of investors believe BTC will outperform cash, gold, and the S&P 500.

The study also showed a growing interest in bitcoin allocation within retirement portfolios. Nearly half of current BTC owners have included BTC in their retirement accounts, and an additional 35% are considering adding it in 2024. Among non-BTC owners open to investing in the asset, 23% expressed interest in including BTC in their retirement accounts.

According to Joe Kelly, co-founder and CEO of Unchained, the influx of bitcoin newcomers reflects a growing understanding that the asset has longevity. Unchained aims to cater to the increasing demand for bitcoin exposure, particularly through tax-advantaged vehicles like its bitcoin IRA. The company provides services such as collaborative custody, the Unchained IRA, a trading desk, and inheritance solutions.

Considering that approximately 158 million Americans own investment accounts, Unchained’s survey provides valuable insights into the sentiments and expectations of US investors. The survey was conducted digitally from October 26 to 28, 2023, during a period when the price of bitcoin ranged from $33,610 to $34,977.

Our Hot Take

The findings of Unchained’s study are indicative of the growing acceptance and interest in bitcoin among US investors. With a significant number of investors already holding bitcoin and a substantial portion considering increasing their holdings, it is clear that the asset has cemented its place in the investment landscape.

The influence of regulatory clarity and the potential approval of a bitcoin ETF by the SEC demonstrate the importance of regulatory developments in shaping investor sentiment towards cryptocurrencies. Furthermore, the anticipation of an economic recession further highlights the attractiveness of bitcoin as a potential hedge against traditional financial systems.

While it is important to consider the volatile nature of cryptocurrencies, the majority of surveyed investors remain bullish on BTC’s future performance. The belief in a new all-time high for BTC in 2024 and the potential outperformance of traditional assets indicate a growing confidence in the long-term value and utility of bitcoin.

As Unchained continues to meet the increasing demand for bitcoin exposure, it is crucial for investors to approach this asset class with careful consideration and sound risk management strategies. Nonetheless, the study suggests that bitcoin’s presence in investment portfolios, including retirement accounts, is set to grow significantly in the coming years.