A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).
The firm surveyed 1,000 U.S. consumers between the ages of 25 and 64 that were involved in personal investments of $10,000 or more in household investable assets. The survey was conducted in June-July 2020. 63% of the respondents who had invested in Bitcoin in the previous four months said that the pandemic had an impact on their decision. Moreover, 39% found Bitcoin to be more appealing because of the pandemic. Only 13% said that the events surrounding COVID-19 made the asset less desirable:
“According to respondents, Bitcoin appears to share some attributes with safe haven investments. Bitcoin’s scarcity, verifiable nature, lack of correlation to global markets, and the fact that it isn’t controlled by government organizations are attributes that make Bitcoin similar to traditional safe haven investments.”
This appears to support Bitcoin’s status as a safe-haven asset, as posited by many analysts. According to the results of the survey, interest in Bitcoin as an investment appears to increase in tandem with education level. Thus, only 17% of the respondents without a degree had an interest in the asset, while 29% holders held a graduate degree.