Key Takeaways:
- A study shows bitcoin’s holders are new as 55% have bought the orange coin this year
- The bitcoin market continues to expand at a rapid pace as more people join crypto
55% of Bitcoin Investors Entered This Year, Study Says
A study published recently shows interest from retail traders and institutional professionals toward bitcoin remains on an upward trajectory. Moreover, demand for getting in on the crypto action in 2021 has soared substantially.
Specifically, a survey by Grayscale Investments shows that out of 1,000 people, 55% said they invested in BTC this year. The survey says that 80% of the people who voted in the US considered putting more money into bitcoin.
In other words, the results highlight the rapid development of the digital asset market, and bitcoin in particular. The study also shows people want to get on board despite, some might say because of, the volatility in the new asset class.
While some cite the volatile nature of bitcoin as a risk factor, many say this is what distinguishes bitcoin from traditional assets like stocks. The aggressive price swings have been one of the reasons the crypto market has taken off so explosively.
The Bitcoin Market Enjoyed Strong Growth in 2021
Furthermore, this year has seen remarkable progress over the adoption of bitcoin, the original cryptocurrency.
The coin is up about 70% in 2021, after a recent weekend dive. Then, in just a couple of days, the price of bitcoin has regained as much as 21% from its recent low of $42,000 to the current level of $51,000. In turn, this underscores the relatively short amount of time it takes for bitcoin to recover from a drop.
In addition, the positive attitude toward bitcoin continues to evolve among Wall Street professionals. This said, earlier in the year, the first-ever Bitcoin exchange-traded fund made its successful debut on the US stock market.
In that context, prospects for bitcoin remain bright and promising. Many analysts point to the strong fundamentals, such as incoming crypto-friendly regulations, as pillars for the continued growth of the fast-developing market.