Unchained, a prominent Bitcoin financial services provider, released a new report today showcasing an interesting surge in bitcoin ownership among Americans. According to their findings, a one in four Americans and 55% of surveyed investors, defined by Unchained as those with at least one investment account between the ages of 18 and 78, own bitcoin.
The study, which surveyed 402 US investors, revealed that 95% of current BTC owners are considering increasing their holdings in 2024. Remarkably, almost half of non-BTC owners expressed a strong inclination towards purchasing bitcoin within the upcoming year.
Key drivers influencing potential BTC purchases in 2024 include increased regulatory clarity around digital assets, with 42% of current BTC owners and 35% of non-owners highlighting this factor. Other influential elements identified were the potential approval of a bitcoin spot Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) and the anticipation of a US economic recession.
Despite BTC's price being down over 50% from its peak, 79% of investors foresee BTC surpassing its all-time high of $69,000. More optimistically, over half of the surveyed investors (55%) predict a new all-time high for BTC in 2024, with a third believing BTC will outperform cash, gold, and the S&P 500.
Unchained's survey also foresees a significant rise in bitcoin allocation within retirement portfolios. Nearly half of current BTC owners have BTC in their retirement accounts, and an additional 35% are considering adding it in 2024. Among non-BTC owners open to investing in the asset, 23% expressed interest in including BTC in their retirement accounts.
“At Unchained, we are seeing an influx of bitcoin newcomers who now understand that the asset has longevity,” stated Joe Kelly, co-founder and CEO of Unchained. “As reflected in both Unchained’s survey results and the activity of our clients, US investors are eager to gain or expand bitcoin exposure — especially through tax-advantaged vehicles like Unchained’s bitcoin IRA. As more investors look to open or grow their bitcoin positions, Unchained looks forward to serving them whether it be through collaborative custody, the Unchained IRA, our trading desk, or our inheritance solutions.”
With an estimated 158 million Americans owning investment accounts, Unchained's survey provides valuable insights, representing the US investor population with a 5% margin of error at a 95% confidence level. The survey, conducted digitally from October 26 to 28, 2023, during a period when the price of bitcoin ranged from $33,610 to $34,977, offers a compelling outlook on BTC sentiment and expectations for 2024.