As 55% Of US Investors Show Interest In Bitcoin Investment, The Covid-19 Catalyst Shows Changing Preferences
Bitcoin investors are going through tough times during the Covid-19 pandemic. Here are the reasons. What has Libertyx had to offer?
What Is Happening This Covid-19 Season?
A figure which is 19 percentage points higher than that of last year, a recent survey study reveals that more than half of US investors 55% have an interest in investing in bitcoin. A potential US market of nearly 32 million bitcoin investor households was this translated to. This increase thereby reflects the impact of the Covid-19 pandemic on attitudes and perspectives around the digital currency according to the study’s findings.
Covid-19 Spurs Bitcoin Interest
The study details the extent of the pandemic’s influence on investors’ decision making when jointly conducted by Grayscale Investments and 8 Acre Perspective. Among those who were reported to invest in bitcoin, 83% have made investments within the last year to illustrate as the report says.
The study conducted between June 26 and July 12 showing that 38% of those acquiring bitcoin did so within the past four months as however when breaking down the data further. As well as the enforcement of social distancing regulations, this is the period coinciding with the start of the lockdowns.
Presumably, because Covid-19 was still under control, meanwhile the figure is lower for those investing in bitcoin five to six months ago at 26%. For those investing between seven and 12 months ago, the figure is even lower at 19%.
The study states the following asserting that the pandemic is the main driver for this upsurge in bitcoin investing:
A factor in their decision to do so was 38% of bitcoin investors that had invested within the last four months and nearly two-thirds of those reported that the ramifications of Covid-19 were.
The study does infer that consequently bitcoin is no longer seen as a niche asset class appealing to a narrow pool of investors. As the report explains, bitcoin is gravitating towards becoming a mainstream investment asset instead.
Compared to 21 million investors just one year ago, based on this year’s survey the market of potential bitcoin investors is 32 million strong. It was observed that when compared to 53% in 2019, this year it was 62% of investors reporting that they are now familiar with bitcoin.
Digital Currencies Going Mainstream
Nearly half of those surveyed believe that digital currencies will be regarded as mainstream by the end of the current decade as the study reveals.
Subsequently, it was found that here study’s data suggests the demographics of the bitcoin interested investors thereby are not substantially different from that of investors overall, in the meantime. It is found that investors interested in bitcoin tend to have an average age of 42 while those lacking interest in bitcoin average 49 years is the only notable exception.
The study furthermore provides information on the educational background of those investing in bitcoin. In this context, 29% of bitcoin investors were found as graduate degree holders while 17% do not possess even a college degree, according to the findings. The study finds that 65% of respondents chose or considered bitcoin due to the small investment amounts involved with respect to their motivations for investing in bitcoin. It comes to be slightly higher than the 59% figure for 2019.
Sharing responsibility for household financial decisions, the online survey study elicited comments from 1000 US consumers aged between 25 and 65.
Libertyx Sees Strong Adoption As 5,000 Bitcoin ATMs Add Cash-Out Option
Adding a cash-out option to its 5000 bitcoin ATMs was Libertyx. Tripling the number of bitcoin ATMs that allow users to cash out their bitcoin, the CEO says is this addition. Providing insight into the bitcoin ATM usage trends he is seeing; he shares his business model.
5,000 Bitcoin ATMs Now With Cash-Out Option
Allowing users to cash out their bitcoin, the Bitcoin ATM operator Libertyx announced Monday that 5000 ATMs in its network were now. Libertyx allows customers to buy bitcoin at 20,000 convenient stores including 7-Eleven, CVS, and Rite Aid, besides the vast network of bitcoin ATMs in the US.
Why his business model is different from other bitcoin ATM businesses, the CEO explained further, they have been able to tap into that undeserved market with our ATM and chain retailer integrations, as the traditional BTM ROI doesn’t justify spending $10,000+ on a machine in a town of 15,000 people. Their costs are much less than BTM operators who need to buy $10,000+ kiosks and place them, as they are leveraging existing hardware and infrastructure. Lower than the BTM average of 12-20%, their fees range from 1.5% (CVS, Rite Aid) to 8% (the debit card at ATM).
Further sharing he was saying there is increasing consumer appetite for an uncorrelated asset with a potential asymmetric lottery ticket return profile with no interest earned at most banks and a volatile stock and jobs market. Looking to have some exposure and going from there, people aren’t putting their life savings in bitcoin but rather dabbling.
He then moves on that:
Getting comfortable with wallets, confirmation times, etc, customers usually buy $20-50 initially. Buying more, they then come back. Particularly strong adoption in the rural and suburban markets they continue to see increasing bitcoin demand across the country.
The Final Words Winding Up The Discussion
However, Libertyx’s bitcoin ATMs come not to be listed on the leading cryptocurrency ATM tracking website Coinatmradar. He then explains that like traditional ATMs they will only list kiosks that solely sell crypto and not ones that offer other services. They come to feature those kiosks that accept cash alone. Whereas it is not searchable or displayed by default in their locator, they have offered to list them under Other Services.