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US Bitcoin owners survey

Who Holds Bitcoin? New Report Unmasks US Owners

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A new study conducted by the Nakamoto Institute has unveiled surprising insights into the demographics of Bitcoin ownership in the United States, challenging several popular assumptions about the typical cryptocurrency investor. The research, spearheaded by Troy Cross and Andrew Perkins, analyzed responses from a survey of 3,538 American adults, aiming to penetrate deeper into the socio-political and moral fabric underlying financial decisions related to BTC.

Who Is The Average US Bitcoin Owner?

“We wanted to understand who owns Bitcoin and who doesn’t, and why. That called for research. Not just surface-level demographics, but a deep look into the roots of our psycho-social identities,” Troy noted via X.

Contrary to the common stereotype that BTC enthusiasts predominantly align with libertarian or right-leaning political views, the findings from this study reveal a much broader spectrum of political identities among owners. “We found no strong correlations across many dimensions—race, ethnicity, religion, relationship status, income, education, or financial literacy—with owning Bitcoin. Age and gender were the exception,” Cross noted on X.

Bitcoin ownership by age and gender
BTC ownership by age and gender | Source: X @thetrocro

Indeed, BTC owners in the US tend to be younger and predominantly male, with a significant representation across all political orientations, including those identifying as ‘very liberal’.

Related Reading: Bitcoin And Crypto Enter What Could Be The Biggest Week Ever: Key Events

One of the most unexpected revelations of the study was the political diversity among owners. “What we found was definitely our most shocking result… Like most everyone on this app, our critics in the media, academics who write about Bitcoin, and almost all politicians, we thought Bitcoin ownership would skew towards the political right, and towards libertarianism. Wrong!” Cross stated.

Bitcoin ownership by political orientation
BTC ownership by political orientation | Source: X @thetrocro

The data indicates that owners mirror the broader American population, predominantly moderate with smaller conservative and liberal contingents. “Note that the above chart is not saying that more Bitcoiners are very liberal than any other political identity. They’re not. Most Bitcoiners are moderates. It’s saying that if you randomly pick someone very liberal and randomly pick someone who is moderate, the liberal will be more likely to own Bitcoin,” Troy clarified.

Related Reading: Elon Musk Sports Bitcoin Laser-Eyes: Joining Trump At BTC 2024?

In terms of moral foundations, the study sought to determine whether certain ethical values correlated with BTC ownership. Both liberal and conservative moral values are represented among owners, showing no significant skew towards one or the other.

Perhaps the most defining characteristics of owners are their levels of knowledge and trust in the cryptocurrency. “What correlates most strongly with Bitcoin ownership is not who you are, so to speak, but how much you know about Bitcoin, and whether you think it is useful, trustworthy, and good,” Cross elucidated. These factors—trust, knowledge, utility, and perceived morality—were the strongest correlations found in the data, significantly distinguishing BTC owners from non-owners.

Moral foundation profiles
Moral foundation profiles | Source: X @thetrocro

The study concludes that the typical BTC owner is not confined to any single political or demographic niche but is rather characterized by a higher degree of familiarity and positive perceptions of the utility and ethics. “The 14% of Americans who own Bitcoin […] are simply Americans who have taken the time to study the technology and formed positive attitudes about it,” Cross summed up.

At press time, BTC traded at $66,625.

Bitcoin price
BTC gets rejected, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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