Grayscale：2021年比特币投资用户调查报告（EN）_20页_951kb

Summary of the Third Annual Bitcoin Investor Study (2021)

Core Content

The Third Annual Bitcoin Investor Study conducted by Grayscale in 2021 provides insights into the evolving perceptions and behaviors of U.S. investors toward Bitcoin and other cryptocurrencies. The survey highlights a growing acceptance of Bitcoin as a long-term investment asset, increased awareness across demographics, and a shift in investment preferences toward more accessible and user-friendly platforms.

Major Trends

• Bitcoin's popularity continues to grow:

  • 59% of U.S. investors expressed interest in Bitcoin investment products in 2021, up from 55% in 2020 and 36% in 2019.
  • The majority of investors now view Bitcoin as a store-of-value asset, rather than a currency for everyday transactions.
  • 3x as many investors consider Bitcoin as an investment rather than a currency.

• Investment channels evolve:

  • In 2021, 59% of investors preferred buying Bitcoin through cryptocurrency trading apps (e.g., Coinbase, eToro), down from 77% in 2020 who preferred exchanges.
  • 30% of investors used fintech apps (e.g., Venmo, CashApp) to buy Bitcoin.
  • The rise in popularity of Bitcoin is also linked to the growth of DeFi and NFTs, but Bitcoin still accounts for 46% of the total crypto market value.

• Bitcoin adoption across generations:

  • The 55–64 age group saw the highest increase in interest in Bitcoin investment products.
  • Women are now more likely to consider Bitcoin as an investment, with a 6% increase in interest compared to 2020.
  • Investors without a college degree also showed significant growth in interest.

• Most Bitcoin sellers have made a profit:

  • 60% of investors have sold at least some Bitcoin, with 91% doing so at a profit.
  • Hodling remains a dominant strategy, with 66% of long-term holders still owning Bitcoin.

• A Bitcoin ETF is seen as a key driver:

  • 77% of investors said they would be more likely to invest in Bitcoin if an ETF were available.
  • The ProShares Bitcoin Strategy ETF (BITO) launched in October 2021, marking a milestone in institutional adoption.
  • A spot-based ETF is still the preferred solution, with many analysts suggesting it would be more beneficial for long-term investors.

Investor Motivations & Desires

• Performance track record is the most motivating factor for Bitcoin investment, though interest in its store-of-value feature has declined slightly over the years.
• Accessibility is a major driver: 70% of investors find the ability to invest with a low initial amount and add incrementally motivating.
• Liquidity is another key factor, with 67% of investors being motivated by the ability to trade on exchanges.
• Education is in high demand: 42% of investors want to know more about Bitcoin, indicating a growing familiarity with the asset.
• Growth potential is a strong motivator, with 59% of investors believing in the large growth opportunity of Bitcoin.

Key Insights

• Bitcoin is increasingly seen as a store-of-value in an inflationary environment, with prominent figures like Paul Tudor Jones, Ray Dalio, and Peter Thiel supporting this view.
• El Salvador played a pivotal role in promoting Bitcoin as legal tender, contributing to its mainstream acceptance.
• Risk perception has shifted: while still a concern, it is less dominant than in previous years. Cyberattacks, volatility, and regulation are the top concerns, but overall perceptions are more positive.
• Grayscale is seeking approval for a spot-based Bitcoin ETF (GBTC), indicating a shift in the industry toward more direct exposure.

Conclusion

The 2021 study underscores Bitcoin's transformation from a niche asset to a mainstream investment. With 26% of U.S. investors owning Bitcoin and a 77% interest in an ETF, the asset is gaining traction as a long-term store-of-value. The study also highlights a cross-generational appeal and increased accessibility through fintech platforms, suggesting that Bitcoin is becoming a more integrated part of the global financial system.