Key Points
- Bitcoin (BTC) ownership in the U.S is diverse and spans across all political persuasions.
- Bitcoin investors value cultural liberty and equality more than non-owners who identify as liberal or conservative.
The Nakamoto Project’s first study reveals that Bitcoin investors in the U.S come from all political backgrounds, not just conservatives or libertarians. This supports the assertion that cryptocurrency ownership and regulation is a bipartisan issue that requires collaboration between Democrats and Republicans.
Bitcoin Investor Demographics
Bitcoin investors are predominantly young and male, but there is significant diversity in terms of race, ethnicity, income, and education. The study, which surveyed thousands of adults nationwide and used census data to ensure representativeness, found that Bitcoin owners tend to be politically moderate.
Interestingly, Bitcoin owners were more likely to identify as being at the extreme ends of the political spectrum, whether very liberal or very conservative. Despite public figures like Donald Trump and JD Vance advocating for pro-Bitcoin policies, the study emphasizes that Bitcoin ownership is not a Republican-only issue.
Bitcoin Ownership and Perceptions
In terms of values, Bitcoin owners tend to prioritize cultural liberty and equality more than non-owners who identify as liberal or conservative. However, a significant divergence was observed when participants were asked about their views on Bitcoin-related statements. Bitcoin investors exhibited greater trust in the technology that powers the Bitcoin blockchain, saw potential in Bitcoin as a daily payment method, and believed that the technology and its users are moral.
The study also found that understanding Bitcoin leads to trust in the protocol, belief in its utility, and awareness of its potential for social good, which then motivates individuals to purchase or invest in Bitcoin. This contradicts the notion that Bitcoin owners belong to a specific political tribe. Instead, they are simply Americans who have taken the time to understand the technology and have formed positive attitudes about it.
The findings suggest that those with neutral or negative views of Bitcoin may need to delve deeper to fully comprehend what the cryptocurrency is all about and to gain insight into its values. Education from crypto exchanges, investors, and influencers is crucial for demystifying complex concepts and communicating what Bitcoin stands for, beyond its reputation as a continually surging asset class.
Crypto still has a long way to go in terms of delivering the same convenience as platforms like PayPal or Venmo. However, gradual improvements are being made, providing reasons to remain optimistic about the future of cryptocurrency.
