Demographically, you won’t be surprised to hear that most Bitcoin investors are young and male – but besides that, there’s a lot of diversity.
A new report sheds light on who tends to own Bitcoin (BTC) in the United States.
Nakamoto Project Inaugural study It reveals that investors tend to be of all political persuasions — not just conservatives or libertarians.
This supports the idea that crypto ownership and regulation is a bipartisan issue, and that greater cooperation between Democrats and Republicans is needed to serve consumers.
American Bitcoin supporters can be found across the political spectrum — but they tend to be moderate.
Nakamoto Project
From a demographic standpoint, you won’t be surprised to hear that most BTC investors are young and male — but otherwise, the researchers concluded that there is a lot of diversity when it comes to race, ethnicity, income, and education.
Thousands of adults across the country were surveyed – and census data was used to ensure the survey was as representative of the U.S. population as possible.
It is particularly interesting to note that Bitcoin owners were more likely to say they were on either end of the political spectrum – either very liberal or very conservative.
Although the likes of Donald Trump and J.D. Vance have been beating the drum about the need for pro-Bitcoin policies, the authors emphasized that this is not just a Republican issue.
The prevailing discourse among politicians, media elites, and social media users that politicizes Bitcoin ownership is deeply misleading. The distribution of Americans who own Bitcoin across political categories closely resembles the political distribution of all Americans across those categories. Bitcoin ownership is apolitical.
Nakamoto Project
When it comes to ethics, Bitcoin users tend to value cultural freedom and equality more than non-owners who identify as liberal or conservative.
But as you might expect, there was much greater divergence when all Americans surveyed were asked to say whether they agreed with a series of statements about Bitcoin.
BTC investors were more likely to say they trust the underlying technology that underpins the Bitcoin blockchain, believe in the digital asset’s potential as an everyday payment method, and argue that the technology is ethical — not to mention the people who hold it.
Familiarity with Bitcoin creates trust in the protocol, which leads to belief in its utility and awareness of its potential for social good, which motivates individuals to buy or invest in Bitcoin. Alternatively, it may be that individuals first buy Bitcoin as an investment, or to use it for payment, and then this motivates them to learn more about it, which motivates awareness of its utility, belief that it is good, and trust in the protocol.
Nakamoto Project
The Bitcoin space has often faced allegations that it is somewhat of a cult – that it defines someone’s identity and implies that they are politically deviant in a certain way.
But based on the survey’s findings, the Nakamoto Project concluded that this is not entirely true: in any case, the policies of Bitcoin users are in line with their peers.
What’s closely tied to bitcoin ownership isn’t who you are, so to speak, but how well you know bitcoin, and whether you think it’s useful, trustworthy, and good. It turns out that the 14% of Americans who own bitcoin aren’t members of a particular political tribe. They’re simply Americans who have taken the time to study the technology and have formed positive attitudes toward it.
Nakamoto Project
So… what do we take away from this? Those who are neutral or even negative about Bitcoin may need to dig deeper to fully understand what this cryptocurrency is all about – and gain insight into its value.
Education from cryptocurrency exchanges, investors, and influencers — not to mention news sites like this one — is crucial to breaking down complex concepts and communicating what Bitcoin represents, beyond its reputation as an ever-increasing asset class.
This might mean simplifying the language a bit, being less aggressive towards those who may have reservations about the crypto world, and ensuring that trading platforms and wallets are as easy to use as their Web2 counterparts.
When it comes to these specific areas, cryptocurrencies are still far from offering the same convenience as services like PayPal or Venmo. But little by little, step by step, things are gradually getting better — and there’s a lot to be optimistic about.
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