Značka: Grayscale

Early birds: U.S. legislators invested in crypto and their digital asset politics

According to some estimates, as many as 20% of Americans were invested in cryptocurrencies as of August 2021. While the exact number can vary significantly from one poll to another, it is clear that cryptocurrencies are no longer just a niche passion project for tech enthusiasts or a tool for financial speculation. Rather, digital assets have become a widespread investment vehicle with the prospect of becoming mainstream. Optimistic as that is, this level of mass adoption still does not enjoy a commensurate political representation, with senior United States politicians largely lagging behind the curve of crypto adoption. This makes the very narrow group of congresspeople who are also hodlers particularly interesting. As a lawmaker, does owning crypto, or at least having some crypto exposure, mean that you also vocally support the digital asset industry?According to “Bitcoin Politicians” — a crowdsourced data project aimed at tracking U.S. political figures’ crypto holdings using public financial disclosures — there are currently seven known crypto investors across both chambers of Congress. Here’s a closer look at the way their personal financial strategies are reflected, if at all, in their public political stances.Michael McCaulMichael McCaul, a 59-year-old Republican representative from Texas, holds the position of ranking member of the House Foreign Affairs Committee. He was also the fifth-wealthiest member of Congress in 2018. McCaul is known for his hawkish foreign affairs positions — vocally opposing the U.S. withdrawal from the Yemeni Civil War and supporting President Joe Biden’s airstrikes on Iranian-backed targets in Syria.In 2016, McCaul co-sponsored a bipartisan bill proposing a commission to study the debate over the use of encryption, including its potential economic effects. In recent years, the Texas lawmaker hasn’t been seen making any public crypto-related statements.Barry MooreA newcomer to the House of Representatives, Barry Moore is a staunch Republican from Alabama. In January 2021, he objected to the certification of the results of the presidential election and even got his Twitter account temporarily suspended for posts that echoed the claims of a “stolen election.” According to a public disclosure, Moore purchased between $1,000 and $15,000 worth of Dogecoin (DOGE) in June 2021 — an investment whose value has since dropped nearly 50%. The legislator also invested in Ether (ETH) (up to $15,000) and Cardano’s ADA (up to $45,000). Still, Moore hasn’t publicly expressed his opinions toward crypto. Marie Newman57-year-old Marie Newman, another new addition to the House of Representatives, is a Democrat from Illinois who is aligned with the progressive wing of the party. She is a proponent of abortion rights, gun control, a $15 minimum wage and the Green New Deal.Newman holds Coinbase shares as of December 2021, having purchased between $30,000 and $100,000 worth. She also registered the acquisition of more than $15,000 in Grayscale Bitcoin Trust shares. Newman hasn’t made any public statements about the crypto-related assets, but she is a member of the Congressional Blockchain Caucus, a bipartisan group working to promote a more relaxed regulatory approach to crypto that would allow the technology to flourish.Jefferson Van DrewA retired dentist with almost three decades of experience as a New Jersey legislator, Van Drew was elected to the House in 2018 as a Democrat but changed his colors in 2020, becoming a Republican. This comes as no surprise, as Van Drew was one of just two members of the Democratic party to vote against former President Donald Trump’s impeachment inquiry in December 2019. Still, he voted in line with Democrats 89.7% of the time during his tenure in the party. In a 2020 disclosure, Van Drew accounted for up to $250,000 in an investment trust operated by Grayscale, one of the larger digital-asset management firms on the market. At the time, the representative’s office declined to give the press any details about the exact nature of the investment, and Van Drew himself has remained silent with regard to digital asset-related policy issues.Michael WaltzYet another recent House electee, Michael Waltz — a retired army colonel and former Pentagon adviser — is the first ever Green Beret to serve in Congress. A Republican from Florida, Waltz maintains a warrior ethos with a pinch of Florida spice, having called for a full U.S. boycott of the 2022 Winter Olympics over the Chinese Communist Party’s treatment of the nation’s Uyghur population. Waltz also voted against President Biden’s $1.9-trillion economic stimulus bill and opposed the establishment of a commission to investigate the Jan. 6, 2021 attack on the U.S. Capitol.According to disclosures, Waltz bought up to $100,000 in Bitcoin (BTC) in June 2021, which makes him one of the few lawmakers to publicly own the original cryptocurrency, specifically. Nevertheless, on social media, the representative prefers to speak on foreign policy issues, and when he was asked about his crypto investment, he compared Bitcoin to gold in terms of serving as an inflation hedge. Waltz is also a member of the Congressional Blockchain Caucus.Cynthia LummisIn the case of Cynthia Lummis, a Republican senator representing Wyoming, her fame as a major crypto proponent probably comes before her credentials as a digital asset investor. A hardline Republican, Lummis was at one point the only female member of the conservative Freedom Caucus. In her January 2021 disclosure, Lummis — a member of the Senate Banking, Housing and Urban Affairs Committee — registered the purchase of between $50,000 and $100,000 in Bitcoin. The Senator revealed that her overall holdings amounted to some 5 BTC.Lummis certainly puts her mouth where her money is. For one, she famously compared the U.S. to Venezuela in terms of inflation, and she has stated she wants to launch a financial innovation caucus that would aim to “educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar.” Around Christmas 2021, Lummis revealed she was drafting a comprehensive bill that she plans to introduce sometime in 2022. In a tweet, Lummis asked voters to contact their senators to support the bill, stating that she was seeking bipartisan cosponsors. Pat ToomeyRepublican Senator Pat Toomey of Pennsylvania can be called the arch enemy of government spending (with a peculiar exception for charter school funding), having once proposed a budget plan with a $2.2 trillion tax cut. He also happens to be a strong supporter of banking deregulation. During the past year, Toomey emerged as one of the main public supporters of crypto in Washington. He criticized Senator Sherrod Brown’s plan to give up crypto regulation to executive agencies and urged Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill around the tax reporting requirements for crypto. In December 2021, Toomey came up with his own set of regulatory principles, released ahead of a congressional hearing on stablecoins. In June 2021, he bought between $2,000 and $30,000 in shares of Grayscale’s Bitcoin and Ethereum trusts.Will the trend continue in 2022?The list of publicly crypto-friendly lawmakers grew significantly last year, and although not every hodler on the Hill dared to reinforce their investment with symmetric political statements, it is an important trend for the industry. As Chris Kline, co-founder and chief operating officer of cryptocurrency retirement investment provider Bitcoin IRA, told Cointelegraph:As more representatives invest in cryptocurrencies, I think lawmakers will begin to understand digital assets on a deeper level, leading to a more informed and detailed crypto policy that will benefit investors on every level.Eric Bleeker, analyst and general manager at investment firm The Motley Fool, also stressed the importance of the knowledge-enhancement side of lawmakers’ crypto exposure:You definitely have to view those investments as beneficial for the industry. Did Visa receive worse legislation after Nancy Pelosi invested in its IPO? At the end of the day, crypto can be seen as a ‘threat’ by governments — we’ve already seen it outlawed in China. Having legislators own it adds to knowledge of the industry.Kline also believes that the growing number of politicians invested in crypto will inevitably convert to active support, both verbal and legislative. With new concepts like the Metaverse, nonfungible tokens (NFTs) and digital banking steadily conquering the attention of society, there is no reason for society’s representatives to not follow these trends.In Kline’s opinion, this will require legislators’ understanding of the deep complexities and nuances of cryptocurrencies and blockchain: “I see 2022 as the year legislators consider the potential of digital assets and another step in their widespread adoption.”Bleeker expects more U.S. legislators to get into the crypto game in 2022 for a simple reason: “Right now, they’re tremendously underinvested.” Bleeker noted that as of 2018, the median net worth of congresspeople was $1 million, with 10 senators having a net worth of over $30 million. It’s true that some legislators may avoid crypto for political reasons, but just by looking at the numbers, more crypto ownership from lawmakers can be expected from a pure portfolio diversification standpoint.The hope is that more investment in crypto by lawmakers will come with better understanding of this asset class and more political support.

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Crypto funds attracted $9.3B in inflows in 2021 as institutional adoption grew

Institutional cryptocurrency funds attracted record inflows in 2021, as demand for digital assets such as Bitcoin (BTC) and Ether (ETH) continued to grow during a volatile and often unpredictable bull market. Crypto investment products registered $9.3 billion in inflows during the year, up from $6.8 billion in 2020, according to the latest CoinShares data, which was released on Tuesday. Bitcoin funds attracted $6.3 billion worth of capital last year, while Ether products saw inflows totaling nearly $1.4 billion. Multi-asset funds were also popular, attracting $775 million in investor capital. A total of 37 investment products launched in 2021, compared with 24 that hit the market the year before. Notably, crypto assets that were included in investment products expanded to 15 from nine the previous year. Grayscale remains the single largest crypto asset manager with $43.5 billion in assets under management as of Monday. Other multi-billion-dollar asset managers included 3iQ, 21Shares, ETC Group, Purpose and ProShares.01/03/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $43.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/67Pb7xneoQ— Grayscale (@Grayscale) January 4, 2022Despite massive volatility, cryptocurrencies enjoyed broader mainstream recognition in 2021, with both retail and institutional investors participating in the market. 2021 was the year that crypto became a multi-trillion-dollar asset class, putting it on the radar of fund managers and family offices. Along the way, a slew of BTC exchange-traded products hit the market, including the Purpose Bitcoin ETF in Canada, which offered North American investors spot exposure to the leading digital asset. Related: Bitcoin open interest matches record high amid predictions of BTC price ‘fireworks’ this monthRegulators in the United States would also approve several futures-linked Bitcoin ETFs in 2021, opening the door to broader institutional adoption. The Securities and Exchange Commission is expected to deliver its verdict on a pair of physically-backed Bitcoin funds from NYSE Arca and Grayscale in early February.

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Grayscale rebalances DeFi Fund dropping Balancer (BAL) and UMA

Crypto asset manager Grayscale Investments has rebalanced its Grayscale DeFi Fund and adjusted weightings of its Digital Large Cap Fund.A Jan. 3 announcement detailed the changes Grayscale made to its two funds. The DeFi Fund’s weightings have been rebalanced with AMP, the native collateral token of the Flexa payment network being added, while Bancor’s (BNT) and Universal Market Access (UMA) have been removed. Flexa uses the AMP token to collateralize crypto payments and settles them in fiat to recipients enabling merchants to accept crypto easily. Grayscale reshuffled weightings but did not change the token list of The Grayscale Digital Large Cap Fund (GDLC).We have just announced updated component weightings for Grayscale #DeFi Fund, which now includes $AMP. This is the first time AMP will be included in a Grayscale investment vehicle. Read this thread for more: pic.twitter.com/jfKAih24cS— Grayscale (@Grayscale) January 3, 2022Grayscale’s DeFi Fund now consists of nine different crypto assets from the DeFi ecosystem. Uniswap (UNI) has the highest weighting in the fund with 42.33%, while the newly added AMP comprises 7.39%. The changes to the fund reflect those made to the CoinDesk’s DeFi Index (DFX).At the time of writing, the Grayscale DeFi Fund has a share price of $5.56, which is an 11.2% gain since its July 14 inception share price of $5. The fund has $11.6 million assets under management and 2.08 million shares outstanding.Grayscale is best known for its Grayscale Bitcoin Trust which currently has $30.1 billion assets under management. Shares are trading at $34.27, up 23% since July 14, and up 59.16% over the past 12 months. Both the Grayscale DeFi Fund and its Bitcoin Trust have outperformed the DeFi Pulse Index (DPI), the largest retail DeFi index by market cap, since July 14. Although DPI has a higher trading volume, it has fallen by 2% over the same period. Related: Grayscale finds that over 25% of US households surveyed currently own BitcoinGrayscale had the highest increase in Bitcoin (BTC) holdings among spot Bitcoin ETFs and corporations through 2021 by accruing 645,199 BTC by the end of the year, which accounts for 71% of the spot ETF and corporate markets BTC holdings.

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Bitcoin holdings of public companies have surged in 2021

The quantity of Bitcoin held by private corporations has increased significantly during 2021, building on increases from the previous year. In a Jan. 3 tweet, on-chain analyst Willy Woo claimed that public companies holding “significant BTC have gained market share from spot ETFs as a way to access BTC exposure on public equity markets”. This has been more noticeable since MicroStrategy’s “Bitcoin for Corporations” conference on Feb. 3 and 4, 2021. The online seminar aimed to explain the legal considerations for firms seeking to integrate Bitcoin into their businesses and reserves.Michael Saylor’s MicroStrategy is a leading business intelligence firm and is known for being particularly bullish on BTC, owning almost $6 billion in crypto assets.On Dec 30, Saylor’s firm purchased a further 1,914 BTC worth $94 million. The company has gained more than $2.1 billion in profit since its initial BTpurchase in August 2020. Woo referenced a chart of BTC holdings inside ETFs and public company treasuries available for public ownership via equity markets, based on crowdsourced corporate treasury data. Spot Exchange Traded Funds (ETFs) hold BTC, as opposed to Futures, in which companies purchase exposure via contracts from the CME futures market. Since MicroStrategy’s “Bitcoin for Corporations” conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.* MicroStrategy & public mining companies** Mainly Grayscale pic.twitter.com/e18OEfgiEW— Willy Woo (@woonomic) January 2, 2022The data shows that digital currency asset management company Grayscale has gained the highest market share by a landslide, at 645,199 BTC by the end of 2021. This took up 71% of the wider market, as holdings of all spot ETFs and corporations together totaled 903,988 BTC according to the chart. Related: Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data showsMicroStrategy is the largest corporate investor, holding 124,391 BTC valued at around $5.8 billion according to BitcoinTreasuries. Second-placed Tesla holds around 43,200 coins worth roughly $2 billion at current prices. During 2020, the amount of BTC held by public companies surged 400% in 12 months to $3.6 billion as reported by Cointelegraph.

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Biggest GBTC discount ever — 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts a new week with analysts looking for a bottom — but one which may not mean a dip to $40,000 or lower.After an unremarkable weekend, Bitcoin bulls now face a fresh week of bearish sentiment across the global economy as risk appetite stays tepid.Amid the lack of a “Santa rally” for practically anyone, there seem to be few triggers to help BTC/USD return higher in time for the new year. At the same time, on-chain metrics remain strong, and miners are refusing to spend.With Christmas almost here, Cointelegraph takes a look at what to look out for this week when it comes to assessing where Bitcoin may be headed.$50,000 seems far away for Bitcoin bullsBitcoin failed to produce any significant moves over the weekend, but now, attention is turning to a potential volatile “bottoming” for the market.At $46,000, BTC/USD remains firmly entrenched in a familiar range, with bulls failing to find the momentum for a fresh attack on the $50,000 mark.Buying is occurring, particularly among smaller retail investors, but for seasoned market participants, lower levels are likely.For popular trader Pentoshi, these could nonetheless avoid a retest of $40,000. In a tweet Sunday, he highlighted major exchange Bitfinex and its large-volume traders as a likely source of support.“Finex makes the tops and bottom on $BTC. Believe this is a similar situation where they will just absorb selling at these key levels. See Sep post 40.7k bottom,” he wrote, referencing market events from the end of September. “Now looking for 42-46k bottom imo.”BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewOthers were more optimistic, with fellow trader Galaxy calling for a “green week” led by altcoins.With ten days left of the year, a surprise finish to 2021 is also not being universally ruled out when it comes to crypto markets.In its latest market update, trading platform Decentrader brought up Bitcoin’s Advanced NVT indicator as a possible springboard to higher price levels. Still bottoming, the historical cycle metric could yet produce a surprise for traders, having almost hit its lowest “overbought” level ever.“Will we see the same this time with a bounce and rally into the Christmas break? Or will we see more year-end profit-taking?” the update summarized. “Right now $BTC is at a key decision point level, so it would certainly be wise to manage one’s risk carefully until a clear trend emerges.”Bitcoin Advanced NVT signal (light blue) chart. Source: LookIntoBitcoin.comMiners keep hodlingOne cohort of Bitcoin hodlers in no mood to sell at current prices is miners, whose outflows have reached their lowest in three months.According to data from Glassnode, miner outflows have almost halved in just over a month, reiterating the turnaround in market dynamics since the all-time highs.A similar dramatic fall came in September, with spot markets then bottoming two weeks later. This month’s action, therefore, has historical precedent.Bitcoin miner outflows 1-hour chart (7-day moving average). Source: Glassnode/ TwitterFurther data shows that unspent supply is about to hit all-time highs, the culmination of a hodling trend from miners which began in 2020.In other words, miners are in no hurry to spend their block subsidies once a new block is successfully mined.#Bitcoin miner unspent supply is currently sitting just 500 $BTC below ATH.These coins are issued to miners as a reward for solving a block, but have never been spent onchain.Miners started HODLing significantly more $BTC since March 2020.Live Chart: https://t.co/D2jZTD0O52 pic.twitter.com/vJy1G41Xvf— glassnode (@glassnode) December 20, 2021Macro swaps 21-month bull run for volatilityMacro volatility is set to continue into 2022 in a trend which is unsettling investors, sources warn this week.Just like Bitcoin, an unexpected bout of bearishness means that Q4 this year may end with a whimper and deny the market its classic “Santa rally.”At fault are both the Coronavirus and U.S. political turmoil, the latter coming in the form of one senator rejecting President Joe Biden’s embattled $2 trillion spending package.Stocks in Asia fell on the day, and ahead of the U.S. open, the mood was cautious.“Investors should be prepared for Covid to continue to be a main factor in market performance heading into 2022,” Robert Schein, chief investment officer at Blanke Schein Wealth Management, told Bloomberg. “After the bull run we’ve seen over the past 21 months, investors aren’t as used to prolonged periods of volatility.”Schein was referencing the comeback seen throughout global markets since March 2020, when a cross-market crash also took Bitcoin to lows of $3,600.Amid all this, the U.S. dollar is returning to strength — a potential fresh headwind for BTC, which is traditionally inversely correlated with the greenback.The U.S. dollar currency index (DXY), which measures dollar strength against a basket of major trading partner currencies, stood at 96.6 at the time of writing, having almost hit 97 late last week.U.S. dollar currency index (DXY) 1-day candle chart. Source: TradingViewGBTC reaches biggest ever discountBitcoin under $50,000 should arguably look like a bargain to large-volume investors, but one industry yardstick tells a different story.The Grayscale Bitcoin Trust (GBTC), the largest institutional BTC vehicle, currently trades with a discount of over 20%, data from on-chain analytics site Coinglass confirms.GBTC price vs. holdings vs. GBTC premium chart. Source: CoinglassGBTC, which next year plans to convert to a Bitcoin spot price exchange-traded fund (ETF), has seen major changes in market behavior in the second half of 2021.As Cointelegraph reported, from spending the first portion of its life trading at a hefty premium, the investment fund now offers institutional buyers what is de facto “bargain basement” BTC.At 22.95% as of Dec. 18, the discount has never been bigger — a curious phenomenon which points to what some argue is an even more curious lack of demand for GBTC shares.How can Bitcoin be ready to go full sned in to a blow off top run when the you can currently purchase GBTC shares, backed by physical BTC, at a 17% discount and nobody is interested….asking for a friend— TonaldDusk (@tonald_dusk) December 13, 2021

Regulatory uncertainty surrounding spot-based ETFs remains a talking point for the U.S. As only futures-based products received the green light this year, the industry continues to rally around the issue, arguing for change in 2022.Last week, major U.S. exchange Coinbase endorsed plans for GBTC’s conversion.“GBTC shares can trade at premiums or discounts to its net-asset value (i.e., the value of the Bitcoin it holds). Such premiums and discounts can be dramatic: GBTC has traded over-the-counter at a premium to its net-asset value that has ranged as high as 142% and a discount to its net-asset value of 21%,” a dedicated letter to the the Securities and Exchange Commission reads. “If Arca’s proposal is approved, GBTC will be able to use the ETP mechanics that 4 minimize the variations between its share trading prices and the net-asset value (‘NAV’) of its Bitcoin holdings, and as a result, U.S. retail investors will be able to gain access to the Bitcoin market through the familiar ETP structure and at trading prices that stay more closely aligned with spot Bitcoin trading prices.”Spot-based already operate with huge success over the border in Canada, as well as in Europe and elsewhere.Cold feet freeze overNot much may have happened over the weekend when it comes to spot price action, but that is little consolation for nervous traders.Related: Happy ‘bearday,’ Bitcoin: It’s been 3 years since BTC bottomed at $3.1KAccording to the Crypto Fear & Greed Index, sentiment around crypto is as weak as ever.Continuing its crisscrossing trend, the Index is back in the “extreme fear” zone as of Monday, having failed to crack even 30/100 throughout December.For comparison, at the all-time highs of $69,000 on Nov. 9, Fear & Greed measured 84/100 — “extreme greed.”As popular trader and analyst Rekt Capital often reiterates, however, such extreme fear “precedes financial opportunity.”“This current BTC downtrending channel reminds me of the downtrending channel BTC formed in May,” he added Sunday, referencing the events after the China mining ban when BTC/USD reversed 50% and Fear & Greed bottomed multiple times at 10/100.After that bottoming structure and consolidation, it took just a single month for the Index to return to the “extreme greed” zone.Crypto Fear & Greed Index. Source: Alternative.me

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SEC delays decisions on Bitwise and Grayscale’s Bitcoin ETFs

The United States Securities and Exchange Commission continues to delay decisions on Bitcoin (BTC) exchange-traded funds (ETF), issuing two fresh deadline extension notices.On Wednesday, the SEC postponed two major Bitcoin exchange-traded offering proposals, including NYSE Arca’s “actual” Bitcoin ETF, named Bitwise Bitcoin ETP Trust, and Grayscale Bitcoin Trust’s Bitcoin ETF.The SEC now expects to decide whether to approve or disapprove, or “institute proceedings to determine whether to disapprove” Bitwise’s BTC ETF and Grayscale’s BTC ETF on Feb. 1 and Feb. 6, respectively.“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments received,” the SEC wrote in both notices.

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US lawmaker purchases exposure to Bitcoin through Grayscale shares

Illinois Representative Marie Newman has disclosed she purchased up to $50,000 in exposure to crypto through shares of Grayscale Bitcoin Trust.According to a financial disclosure report filed with the U.S. House of Representatives on Dec. 8, Congressperson Newman bought between $15,001 and $50,000 of GBTC between Nov. 9 and Dec. 4. In addition, she conducted four separate purchases of shares of Coinbase Global’s Class A stock between November and December, up to $215,000.Section of Illinois Representative Marie Newman’s financial disclosure report for 2021Members of the U.S. House of Representatives and Senate are permitted to buy, sell and trade stocks and other investments while in office but required to report such transactions of more than $1,000 within 30 to 45 days. This reporting is in accordance with the Stop Trading on Congressional Knowledge Act, or STOCK Act, passed in 2012 under President Barack Obama with nearly unanimous approval in both chambers of Congress. According to data gathered from financial disclosure reports by Bitcoinpoliticians.org, six other members of Congress currently hold cryptocurrency or some exposure to crypto assets, including Wyoming Senator Cynthia Lummis, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, New Jersey Representative Jefferson Van Drew, and Florida Representative Michael Waltz. However, many federal judges and lawmakers have reportedly flouted the STOCK Act by not disclosing certain investments.Related: Pro-crypto senator Cynthia Lummis discloses up-to-$100K BTC purchaseThe disclosure report from Newman comes following members of Congress questioning CEOs of major stablecoin issuers and crypto firms in a hearing to better understand the technology and where a regulatory path may lead. Progressive lawmaker Alexandria Ocasio-Cortez also recently spoke out on social media, saying it was inappropriate for her to hold Bitcoin (BTC) or other digital assets because lawmakers have access to “sensitive information and upcoming policy” and such investments could affect their impartiality.

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Grayscale finds that over 25% of US households surveyed currently own Bitcoin

According to a report published by Grayscale Investments on Monday, more than one-quarter of U.S. investors surveyed (26%) said they already own Bitcoin (BTC). Out of this group of owners, 46% and 44% also jointly held Ethereum (ETH) and Dogecoin (DOGE) in their accounts, respectively. An additional three-quarters of the participants (77%) said they would likely gain exposure to Bitcoin through an exchange-traded fund.The survey featured 1,000 respondents between the ages of 25 and 64. All had at least $10,000 in investable household assets (excluding workplace retirement plans or real estate) and at least $50,000 in household income. Most invest in cryptocurrencies via a trading app or directly through a crypto exchange. Very few invest in Bitcoin through a traditional self-brokerage or industry professionals. In fact, the number of respondents using a financial advisor for crypto exposure fell from 30% in 2020 to just 11% this year.In terms of investment planning, three times as many investors would consider owning BTC as an investment rather than a currency. Furthermore, over 50% of participants said they perceive Bitcoin as a long-term play that can fit in their overall portfolio strategy. Seventy-seven percent said they had purchased BTC within the last 12 months. Ninety-one percent of respondents are currently in the green regarding their investment.There were near-universal increases in Bitcoin adoption across all age groups, genders and levels of education. The reported cited being able to invest very low amounts, accessibility at any time and a large sector growth potential as key reasons for its popularity.

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