Coinbase: Bitcoin is becoming mainstream in the US, and nearly half of institutional investors are considering holding cryptocurrencies

In the past year, as more and more people regard cryptocurrency technology as a new way to participate in the financial system, the popularity and enthusiasm of cryptocurrency in the United States is continuing to grow, in the latest Coinbase report, The agency outlined the findings of the US market's growing interest in cryptocurrencies.

The main findings of this report are as follows:

  1. Currently, 58% of Americans say they have heard of Bitcoin;
  2. In the past year, there were more people searching for Bitcoin keywords than those searching for "royal weddings" or "election results";
  3. To date, more than 70% of states in the United States have enacted bills involving cryptocurrencies or blockchains;
  4. Encrypted currencies are becoming an increasingly important aspect of the local economy. The top 10 states with cryptocurrency are: California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts.

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If you want to know how much American is interested in a topic, there is no better benchmark than Kim Kardashian. Since the beginning of this year, the frequency of Bitcoin search has been rising. On average, the frequency of Google users searching for Bitcoin is already higher than the frequency of searching for Kim Kardashian, and this digital advantage is on the rise. . At the end of June, as bitcoin prices climbed, Google’s search for bitcoin soared almost three times that of Kardashian’s search. Bitcoin’s search volume is not only more than a star. Last year, Americans entered “bitcoin” on Google more than a series of headlines such as “royal wedding” and “election results”. I have to come more.

In other words, Bitcoin is becoming mainstream in the United States (although it has only been in existence for more than 10 years since its birth), and it has attracted the imagination and attention of the entire United States. Today, Coinbase will also share a report on the US market's awareness and adoption trends for cryptocurrencies, such as which state has the highest participation rate and highest enthusiasm.

This study included the original study of CoinBase by YouGov in December 2018 and the research data obtained from the macro level of CoinBase user activities, which were reported only in an anonymous and aggregated form.

CoinBase also surveyed a number of states whose legislative bodies have developed proactive regulations around cryptocurrencies and blockchains in response to local needs and interest in the technology. Finally, CoinBase interviewed a series of Coinbase customers from different regions, age groups and different occupations to find out why they are interested in cryptocurrencies.

About 58% of Americans have heard of Bitcoin

Coinbase research shows that about 58% of Americans currently hear about bitcoin. People have expressed a range of reasons for participation, from the desire to increase the diversity of their portfolios to the potential for change in security and decentralized currencies.

“The most attractive thing for me is the cryptocurrency and bitcoin, the idea of ​​a global currency that can cross national borders without having to consider exchange rates, high transfer fees or long delays,” said the 26-year-old New Jersey small business. Lord Christopher said, "If one day I want to move to another country, my cryptocurrency will follow me automatically. My entire journey is not to get rich. I really believe in cryptocurrency and hope that this technology will succeed. ”

The cryptocurrency is different in each state

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In fact, the degree of development of cryptocurrencies in various states of the United States is very different. In Wisconsin and Utah, 57% of people don't know about Bitcoin, followed by Colorado, Massachusetts, and Wyoming. And this also means an opportunity for some people who are currently involved in cryptocurrencies.

"Cryptographic currencies go hand-in-hand with artificial intelligence and nanotechnology, and they have become cutting-edge technologies that have the potential to change our lives," said Todd, a 49-year-old IT director from Virginia. "And many people haven't even heard of cryptocurrencies."

Coinbase's research data shows that the top five states with the highest percentage of cryptocurrencies are California, New Jersey, Washington, New York, and Colorado. (Interestingly, Alaska ranks 8th in the list with the highest percentage of cryptocurrency users, but the state's population knows the proportion of bitcoin is the lowest, only 18%.)

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Some states with the most cryptocurrency holders (California, New York, and Washington) are also the states with the highest number of cryptocurrencies per capita. That is to say, these states not only have a large number of people holding cryptocurrencies, but they also have a larger amount. Interestingly, there is another type of state that has a lower percentage of cryptocurrency holders, but its per capita holdings are higher, that is, there are a few people in those states who hold large amounts of cryptocurrency. . Among them, the states with the largest number of cryptocurrencies are Delaware, Nevada, and Wyoming.

What is driving the demand for cryptocurrencies?

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For some people, the investment opportunities offered by cryptocurrencies are the main driver of their interest. “For my generation, I think cryptocurrencies are more meaningful than stocks, bonds, inflated real estate or other depreciating assets,” said Harrison, 30, a system manager from Washington State. “I There are no deals now, no plans to sell, and at some price point, I can sell some to pay off my debts or pay for my apartment, and my goal is to work hard to achieve economic freedom."

Similarly, Todd pointed out that cryptocurrency opens up a new investment channel, he said:

“The best opportunities in the stock market are only available to qualified investors, and qualified investors account for only a small percentage of the US population, while cryptocurrencies are accessible to anyone.”

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There are also some participants who just think of cryptocurrency as a way of self-education. Brenda is a CPA who lives in Puerto Rico. She recently started practicing and noticed that she is in the field and rarely provides cryptocurrency. The training content, therefore, she purchased some coins to help customers understand the cryptocurrency. she says:

“I need to understand this new technology, and the best way to understand it is to try it yourself.”

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With the advent of new technologies, the opportunity to experience new technologies is another key motivation. “I’m just very interested in new technologies,” said Elena, 35, a graphic designer living in New York. “Actually I have studied cryptography and computer science in college, so I can easily understand it. I would love to find a job in cryptocurrency or blockchain technology.” (According to a recent study by Coinbase, the world Forty-two of the top 50 universities have at least one cryptocurrency or blockchain technology course.)

About legislation

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As interest has increased, countries are increasingly enacting bills to address the issue of cryptocurrencies and blockchains. As of June 2019, more than 70% of states in the United States have enacted regulations on cryptocurrency or blockchain technology. In April, Ohio announced that it would accept bitcoin taxation. Former Ohio Finance Minister and supporter of the effort Josh Mandel said in an interview with the NPR market: "We are doing a small part of our work… creatively thinking about how technology can make taxpayers' lives easier. (For example, Overstock.com took advantage of this opportunity to pay approximately $35,000 in taxes in Bitcoin.)

Earlier this year, Wyoming passed a set of 13 laws that included the recognition of cryptocurrencies as currency and allowed banks to provide custodial services for digital assets. Under these regulations, Wyoming wants to be a legitimate home for banks that provide asset management and other cryptocurrency services to customers across the country. In addition, since 2015, the New York State financial regulator has granted 18 so-called BitLicense licenses to virtual currency companies that wish to conduct Wall Street transactions or other transactions on behalf of their clients.

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Nearly half of institutional investors will consider adding cryptocurrencies to their portfolios

How much interest do Americans have in buying cryptocurrencies? According to Coinbase research, more than 15% of Americans "somewhat" or "very" may purchase bitcoin or some other cryptocurrency in the near future. The number of institutional investors is relatively higher: asset management giant Fidelity Investments announced in May that 22% of institutional investors already have digital assets, and nearly half of institutional investors will consider Add cryptocurrency to your portfolio .

As for the growth of popularity, this seems to continue: User search for Bitcoin on YouTube reached a record high this year. New Jersey customer Christopher explains how he extracted video clips from YouTube to create a PowerPoint presentation that he used to explain to his father. He said: "I take some videos, photos, and then break it down in a way that he can understand. Now, he also has his own cryptocurrency, and whenever the coins rise, he will send me a screenshot. It’s something that really unites us."

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