Bitcoin has risen to prominence as a new avenue for investment. Despite the fact that bitcoin adoption is still a work in progress, it has a wide range of applications. Bitcoin is held by some investors for profit, while others use it for online transactions.

Bakkt has released a new study that gives us a bird’s-eye view of bitcoin acceptance in the United States. Bakkt is a cryptocurrency-focused financial services startup. The majority of respondents, according to the survey, have invested in bitcoin and cryptocurrencies for long-term gains. We’ll go over the survey results in depth in this piece. Let’s get started.

ABOUT THE QUESTIONNAIRE
Bakkt commissioned the survey, which was done in July 2021 using an internet application. It polled 2,000 consumers across the United States for their opinions. The goal of the study was to chart bitcoin and cryptocurrency adoption patterns over the previous six months and the next six months. The researchers weighed education, sex, age, region, and race using the Census Bureau’s American Community Survey.

INVESTING IN BITCOIN AND CRYPTOCURRENCY
In the last six months, 48% of respondents have invested in bitcoin and cryptocurrencies, according to the poll. A considerable number of investors (19%) have put in less than $100. Those who have invested more than $1,000 account for 5% of the total. With 69 percent of respondents under the age of 44, the majority of investors in the United States are relatively young.

The majority of investors, regardless of age, have put less than $100 into bitcoin and cryptocurrencies. For example, 45 percent of those aged 45 to 60 possess bitcoin and other cryptocurrencies worth less than $100. With 38 percent, the 18–29 age group comes in second, followed by the 30–44 age group with 36 percent. Only 32% of persons over the age of 60 have invested less than $100.

ATTRIBUTES OF BITCOIN AND CRYPTOCURRENCIES THAT ARE INTERESTING
Bitcoin and other cryptocurrencies have a wide range of applications. According to the Bakkt poll, 58 percent of Americans have bought bitcoin or another cryptocurrency as a long-term investment in the last six months. However, 43% of investors expect to profit in the short term.

People have purchased bitcoin for online transactions as well as for investment. According to the Bakkt study, 24% of respondents believe that cryptocurrency will enable them to make online purchases. Similarly, 13% of investors want to utilize cryptocurrency to make in-person purchases of products and services. Only 11% of those who purchased cryptocurrencies did so with the intention of transferring it to someone else, such as to pay a friend or family member.

The main motive for investment across all age groups is to use cryptocurrencies for long-term investment and value accumulation. Long-term cryptocurrency investors are 35 percent and 36 percent in the 18 to 29 and 30 to 44 age groups, respectively, while just 21% of investors in the 45 to 60 age group have purchased cryptocurrencies for long-term investment. Furthermore, only 14% of Americans aged 60 and up are interested in long-term bitcoin investment, according to the report. According to one of TradingBeasts’ top bitcoin long-term predictions, the bitcoin price is expected to reach a maximum of $77,221.06 by the end of 2024.Given this, younger investors may be more knowledgeable about bitcoin than older generations.

Despite the tremendous growth potential of bitcoin and other cryptocurrencies, many people are uninterested in investing in them. According to the study, 25% of consumers do not plan to invest in bitcoin and other cryptocurrencies in the next six months. Only 32% of the participants are interested in investing in cryptocurrency. About 43% of respondents had a tepid attitude toward this modern investing option, but 10% are “extremely intrigued.”

The poll divides respondents’ interest in crypto investments into age categories. People between the ages of 18 and 44 are the most interested in cryptocurrency investment. Americans aged 45–60 years old, on the other hand, have the least interest in bitcoin and cryptocurrency investments, with 33% saying they are uninterested.

The possibility for a long-term return on investment is the most compelling justification for investing in bitcoin and cryptocurrencies. 16 percent of appeals are due to a lack of costs. Other considerations, such as ease of access, fear of missing out, and absence of centralized control, are also appealing. Long-term return on investment is cited as the most important criteria for crypto investing by investors of all ages. In particular, 34% of persons aged 18 to 29 have made long-term investments in cryptocurrencies. According to the Bakkt survey, the fear of losing out is the most motivating motivator for persons over 60 to invest in cryptocurrencies.

THE PRIMARY CHALLENGE IS HIGH VOLATILITY.
Bitcoin and cryptocurrency investments, like other investments, are not without risk. According to the Bakkt poll, the largest difficulty is too much volatility, which was identified by 32 percent of respondents. Second, there is a lack of knowledge about where to begin. High costs and a lack of trust in third-party exchanges and brokers are further issues.

Men faced the greatest issue in terms of gender when it came to too much volatility. Women, on the other hand, stated the most difficult obstacle was figuring out where to begin. High volatility was likewise the most significant barrier across all age groups, with the exception of those over 60. The largest barrier to crypto investment, according to older citizens, is not knowing where to begin.

LEVELS OF BITCOIN AND CRYPTOCURRENCY KNOWLEDGE IN THE UNITED STATES
When it comes to bitcoin investment, many people have different perspectives. Some people are really enthusiastic about bitcoin and follow it closely. As a result, they have a thorough understanding of the industry. Others are left to fend for themselves in the dark. The Bakkt study was designed to determine how knowledgeable Americans are about bitcoin and cryptocurrency investing.

According to the Bakkt study, 35% of respondents indicated they have no knowledge of bitcoin or cryptocurrencies. The good news is that 6% of those polled “know quite a bit.” The others fall somewhere in the middle, with minimal industry understanding.

Men are more knowledgeable about bitcoin and cryptocurrency investment than women in terms of gender. Men make up 9 percent of those who “know a lot,” compared to only 3% of women. Similarly, women are more likely than males to be unaware of cryptocurrency, with 45 percent unaware compared to 24 percent.

According to the survey, people aged 30 to 44 know a lot more about bitcoin and cryptocurrencies than those of all other ages. On the other hand, 54% of persons over the age of 60 had no knowledge of bitcoin or cryptocurrencies. As a result, senior individuals are the least knowledgeable about cryptocurrency investment.

ARE AMERICANS CONFIDENT IN INVESTING IN CRYPTOCURRENCY?
Investor confidence in investment assets is a fascinating topic right now. While many people lack firm confidence, they also lack weak trust. Indeed, 39% of respondents are confident in bitcoin investment, with various levels of trust. This suggests that individuals in the United States are still unsure about the future of the cryptocurrency business.

The age group of 18 to 29 is the most confident when it comes to cryptocurrency. Americans over the age of 60, on the other hand, make up the largest group of persons who have no faith in cryptocurrencies. Perhaps the discrepancy in technological knowledge between the two grounds is to blame.

FACTORS TO CONSIDER WHEN SELECTING CRYPTOCURRENCIES PLATFORM FOR EXCHANGE
There are a variety of exchange platforms to choose from when purchasing bitcoin. In truth, there are a slew of criteria to consider while selecting the best platform. According to the poll, fees and cost are the most important factors to consider when selecting an appropriate platform. When it comes to picking a crypto exchange platform, 27% consider transaction fees. Other factors to examine are the platform’s simplicity of use and whether it is regulated. Few people think about the variety of coins available and the speed with which transactions can be completed.

While fees and cost are the primary factors influencing men’s platform selection, women prefer platforms that are simple to use. Bitcoin is currently priced at just under $50,000. You do not, however, have to purchase the entire coin. Crypto exchanges allow you to buy a fraction of a bitcoin based on your investment amount.

Surprisingly, according to the Bakkt survey, 39 percent of respondents, particularly women, are unaware that they may acquire a portion of bitcoin. While 63 percent of respondents are aware that bitcoin can be purchased in small amounts, only 54 percent of women are. Similarly, nearly half of those aged 60 and up are unaware that bitcoin can be purchased in fractions. This could indicate the need to raise bitcoin investor awareness.

THE NEXT GENERATION KNOWS A LOT ABOUT CRYPTO INVESTMENT AND KNOWLEDGE.
The poll provides insight into how the general population views bitcoin and other cryptocurrencies. According to the report, men are more interested in bitcoin investment than women. Younger generations, likewise, are very interested in bitcoin and other cryptocurrencies. Depending on how bitcoin acceptance proceeds, the situation could improve.

Jerry Goddard contributes this guest post. Their views are their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.