A survey was conducted by the US-based major cryptoasset manager firm Grayscale to gauge investor interest in Bitcoin (BTC). The company is currently working hard to convince the US Securities and Exchange Commission to launch the first spot-based bitcoin exchange-traded fund.
Grayscale today published the results from an online survey of 1000 consumers in the United States who participated in personal investing in August of this year.
As Bitcoin’s price rises, it is becoming more difficult for investors not to invest in Bitcoin. Grayscale stated that the interest market for Bitcoin investment products grew to 59% in 2021 from less than half (55%) and slightly more (36%) respectively in 2020, reflecting steady growth in interest.
According to the survey, 77% said that they would be
If a spot-based ETF was available, investors would be more inclined to invest in BTC.
Spot-based ETFs differ from existing bitcoin futures ETFs in America, which only hold BTC futures contracts.
Grayscale Investments is currently awaiting approval from the SEC to establish the Grayscale Bitcoin Trust. This fund is the largest BTC investment in the world.
Converted to a spot-based ETF
Last week, Grayscale sent a letter arguing that the SEC is wrong to reject spot Bitcoin ETFs. The SEC failed to treat both types of bitcoin ETFs equally, claiming that it violated the Administrative Protections Act.
The company made the case again for a spot Bitcoin ETF in today’s report and survey results. It stated that it would have “a significant effect” on bitcoin investments.
“[…] The firm stated that the community isn’t satisfied with a futures-based strategy and is focusing on a spot bitcoin ETF which could drive further gains.
According to the survey, another indicator that bitcoin is being treated as a store of value asset by investors is the fact that many do not want to sell their positions.
“More that half (55%) of the investors polled had invested in Bitcoin during the last 12 months. The firm stated that most of this group still holds their Bitcoins today. This supports the theory that Bitcoin can be considered a long-term investment.
According to an investment manager, interest in bitcoin purchases is strongly correlated with familiarity with the asset. This highlights the need for further education in the bitcoin space.
Grayscale stated that there is a high demand for education in bitcoin and suggested that financial advisors and investment gatekeepers should “consider how they are meeting investor needs.”
According to the survey, the top motivator for making an investment in bitcoin was the desire to learn more about it.
Although education ranked second in the list of motivating factors to consider bitcoin investing, it has been slightly lower than the survey results for 2019 and 2020. Grayscale explained that this is likely because a growing number investors are familiar with bitcoin.
The survey found that 42% of investors in 2019 want to learn more about bitcoin. This compares to 46% in 2020, and 54% in 2019.