American Bitcoin possession has increased since 2017 – Survey says

According to a recent survey conducted by Spencer Bogart of a venture capital firm, Blockchain Bogart, the American population has increased their awareness of Bitcoin as well as their possession of the digital asset.

Both the Bull market and the Bear market did not have any effect to deter crypto market players from the asset, on the contrary, it increased the “PR situation of Bitcoin”.

Conventional research methods

The survey naturally does not speak for the whole population. Only a fraction of the citizens was interviewed, which then produced detailed estimates about the cryptocurrency situation in the country.

The survey included more than 2,000 US citizens and was a marginal improvement over the previous survey conducted in October 2017.

The demographics

The demographics were exactly as anticipated. Most of the Bitcoin holders and people who have heard about the asset are between the ages of 18-34, while other age groups lag behind.

The Youngsters

The reasons for such a result are quite simple. The inclusion of the Blockchain in the digital world was expected to have the largest influence on the younger generation thanks to their better affiliation to the internet. Places like various blogs, Youtube and even video games started implementing the asset and increasing the awareness.

In fact, one of the biggest awareness boosts was when a popular eSports game, League of Legends implemented the Blockchain as its reward system for their affiliate marketing strategy. If the players brought in new people, they would be reimbursed accordingly. In the past, this was done by giving them in-game bonuses, which quickly became irrelevant.

According to topesportsbettingsites.com, the Blockchain has found its way in the eSports industry, be it compensation for the players or a way to bet on various tournaments. Given the fact that the USA is one of the largest markets for eSports, it’s easy to deduce that this implementation would thrive in such an environment. The only other markets where this would have thrived was South Korea and China. We can easily say that eSports is responsible for spreading the awareness of most people aged between 18-25. The average age range of their player and spectator base.

Other demographics

Other demographics such as people aged between, 35-44, 45-54, 54-65 and 65+ amounted to a total of 7% of the cryptocurrency possession in the United States.

This was due to their relative reluctance to utilize the internet as a source of information. Although Television is slowly declining in the country, these age groups tend to rely on it more than digital media websites. Even newspapers are sometimes preferred.

However, this reluctance to use digital news sources didn’t affect the awareness factor, only the possession.

The survey found out that 77% of the Americans that were aware of cryptocurrencies in 2017, has grown to 89%, which is almost all of the country. Judging by the population size, it is an amazing feat for a product that is a little more than a decade old.

What does the survey tell us?

The survey lays out a nice geopolitical situation for cryptocurrencies in the USA. Judging by the fact that this is the country where most of the aspiring crypto exchanges are willing to expand to, it is realistic to say that the possession of cryptos is going to do nothing but increase.

The awareness factor has already been taken care of by the years of speculation and news coverage. The only thing left for these crypto companies and exchanges is to deliver the “Call to Action” motion, to provide the inertia needed for US citizens to start investing in the crypto market.

However, that can be in the distant future, as the market seems to be quite flat at the moment. Should a new “Crypto Boom”, similar to the one in Autumn 2017 happen, then a lot of aspiring investors will get that “fear of missing out” feeling, further encouraging them to diversify into various cryptocurrencies.

Image Source: Cryptonomist

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