- Bitcoin funds manager Grayscale has conducted a survey of 1000 peoples
- 55% of the respondents have claimed that they began to invest in Bitcoin since the beginning of this year
- 80% of the respondents from the US are more likely to put money toward the flagship crypto asset if BTC spot-based products existed
- According to the survey report, investors’ preferences for how to acquire crypto is shifting
Bitcoin is a popular and leading cryptocurrency in the current scenario. Besides its popularity and utility, many also see it as one of the most volatile assets. Despite such volatility and uncertainty in the BTC market, we can witness high demand and interest for the asset. Grayscale Investments LLC, one of the leading crypto assets managers has recently conducted a survey. Notably, in the survey 1000 respondents participated. According to the study it is noted that more than half of the current BTC investors have entered the market over the past twelve months.
Investors are unable to ignore Bitcoin
According to the survey report by Grayscale, about a quarter of the respondents were already owning Bitcoin. Notably, 55% of them have claimed that they began to invest in Bitcoin since the beginning of this year. Moreover, the study highlighted that the explosive growth of digital currencies have seen this year as investors plowed money toward the volatile asset class amid growing popularity of even ancillary products. Such products include Non-Fungible Tokens (NFTs).
Indeed, the BTC price has surged by more than 70% this year after a recent sell-off. On the other hand, some of the tokens in the market like Ethereum have surged five times over its previous year’s value. Following the scenario, Grayscale concluded that it’s getting too difficult for investors to ignore the digital asset.
US seeks BTC spot-based ETF
The United States has already witnessed its first crypto based exchange traded fund (ETF) this year. However, the financial regulators in the nation have shown green light to only future-based products. Several firms have also filed to establish a spot-based fund, but the US Securities and Exchange Commission (SEC) have disapproved.
According to the data from Grayscale’s survey, about 80% of the respondents from the US are more likely to put money toward the flagship crypto asset if BTC spot-based products existed.
The respondents of the survey were between the ages of 25-64. Indeed, they have primary or shared responsibility for household financial decision-making. Moreover, all of them were involved in some form of investing with about $10k in household investable assets and at least $50k in household income.
Grayscale seeks to convert its fund into ETF
In mid-August Grayscale filed with the US SEC to convert its Grayscale Bitcoin Trust (GBTC) into a physically backed financial instrument. However, the regulators are yet to approve the application of the crypto assets manager.
According to the survey report, investors’ preferences for how to acquire crypto is shifting. Last year more than three-quarters of the investors cited that they prefer to purchase BTC from exchange platforms, and now 60% says that they prefer to purchase the asset through applications like Coinbase or eToro. However, now only one third of the investors seems willing to purchase the asset through an exchange platform.