Trump or Biden? Bitcoin wins regardless of the US election – Barry Silbert


Whether it was a Democratic sweep led by Joe Biden or a re-election of Donald Trump, Bitcoin (BTC) would likely thrive. Industry executives, including DCG and Grayscale CEO Barry Silbert, say a Trump or Biden win would support BTC.

The optimistic stance of industry executives despite the glaring electoral risk comes after Grayscale’s Bitcoin study.

Grayscale, a leading cryptocurrency investment firm with $ 7.6 billion in net assets under management, published a study on October 27 highlighting that the potential Bitcoin market has grown considerably in 2020.

In 2019, Grayscale found that 36% of investors in the United States were interested in investing in Bitcoin. This year, 55% of US investors are turning to Bitcoin. The study reads:

“Interest is on the rise: more than half of US investors are interested in investing in Bitcoin In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products . This marks a significant increase from the 36% of investors who said they were interested in 2019. ”

The almost 20% increase represents a substantial increase in general awareness over a short period. It also coincides with the growing demand for Bitcoin from institutions after Bitcoin’s impressive 200% + recovery since March.

ALSO READ  Bitcoin Investors Swap for Ethereum 'Wrapped BTC' to Yield Farm and Chill
Interest in Bitcoin goes from 36% to 55% in a year. Source: Grayscale

Strengthening general public awareness of BTC

Strong fundamentals behind Bitcoin and rapidly growing demand could offset election risk in Q4.

For example, one particularly positive statistic that shows the sharp increase in demand for Bitcoin in 2020 is the rate at which people interested in BTC are becoming real buyers.

According to Grayscale, of those individuals who expressed an intention to invest in Bitcoin, 83% bought BTC. The researchers wrote:

“Of those who reported having invested in Bitcoin, 83% have made investments in the past year, indicating that digital currencies are an increasingly attractive component of modern investment portfolios.

The higher conversion rate from interested people to investors is important as the potential market for Bitcoin has grown rapidly.

ALSO READ  Researcher suggests miners are manipulating Ethereum blocks to mine DeFi

Additionally, the potential US market of around 32 million investors does not include other major markets like Europe and Asia.

During this time, the number of investors familiar with Bitcoin has also increased noticeably. The survey found that 62% of investors are now familiar with BTC, up from just 53% in 2019. The study states:

“Based on this year’s survey, the market for potential Bitcoin investors is 32 million people – up from 21 million investors just a year ago. This year, 62% of investors said they were ‘familiar’ with Bitcoin, up from 53% in 2019. ”

The potential Bitcoin market in the United States is now 32 million investors. Source: Grayscale

What is BTC’s biggest attraction for investors?

The main reason for Bitcoin’s appeal remains its potential for exponential growth. Yet, in the eyes of institutional investors, it is also a hedging asset.

ALSO READ  Anonymous developers behind DeFi yield farm could steal $ 1 billion in 12 hours