2021 marked a great year for cryptocurrencies considering the extraordinary growth in market cap. Bitcoin holders were blessed by multiple all-time highs as they made passive income like there is no tomorrow. A new study by Grayscale indicates that more than half of Bitcoin holders joined the game in 2021. As active journalists in the field, the 55% figure was even unexpected by us. Join us as we go over some very interesting details about the study.
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Bitcoin Holders Demand More!
Let’s face it, Bitcoin and other cryptocurrencies were mostly portrayed with skeptic or even criminal imagery right before the pandemic. Generally speaking, the blockchain network was regarded as energy consuming and dismissed. Around 2020, the image began to shift as crypto adoption gained strong momentum by the masses. The demand peaked in 2021 as Bitcoin and altcoins kept throwing money at investors and proved financial utility more than being just an asset.
It was only recently when institutions began to appraise cryptocurrencies as a hedge against inflation. In many aspects, many institutional investors favored BTC over gold for asset protection. This is historically significant since gold has been the triumphant king of all hills as the backbone of economy for millennia.
You Get a Bitcoin!
Grayscale research surveyed 1000 people in the US in the age-range of 25 to 64 for their annual 2021 report. It turns out more than a quarter already owned Bitcoin and over half made their first move in 2021. 55% of investors to be exact, joined the crypto market within the past 12 months.
As for specifics, a vast majority of investors preferred using trading apps on mobile. Once again, mobile domination seems to be imminent. Naturally, since we’re talking US, eToro and Coinbase were the top two options. This is a shift in preference as last year exchanges were dominant. However, considering the upcoming wave of regulations, we expect there will be yet another shift in this sector. Legally speaking, Trading apps have to to report transactions above $10k in the US to the government. In that regard, anonymity is fading away from the market and as soon as the taxes hit, investors will look elsewhere.
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