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Half of BTC investors have entered the market this year, says Grayscale

2 min read

More than half of investors who bought BTC  entered the cryptocurrency market this year. That’s what a recent survey by asset management firm Grayscale Investments said.

According to the survey, which interviewed 1,000 investors in the US, in August, 26% of them have already invested in BTC. Of these, 55% purchased the cryptocurrency for the first time in 2021.

Source: Grayscale Research

Source: Grayscale Research

87% of investors have altcoins

In addition, the survey found that 87% of investors who entered the cryptocurrency market and bought BTC have investments in one or more digital currencies in addition to BTC. The most popular altcoins among investors are ETH and Dogecoin (DOGE).

Also according to the study, the proportion of investors who expressed interest in the BTC rose to 59% this year. In 2019 it was 36% and, in 2020, 55%.

As Michael Sonnenshein, CEO of Grayscale Investments, pointed out, the survey results “confirm a proliferation” of investors considering adding BTC to their long-term portfolio.

While 55% of investors define BTC as a “long-term investment”, the rate for those who see it as a “short-term investment” is 37%.

Still, nearly 80% of respondents said they would be more likely to put money into this asset class if an exchange-traded Bitcoin cash fund (ETF) existed, a product that regulators have not yet approved.

Crypto market growth

In any case, the results underscore the explosive growth that cryptocurrencies have had this year. BTC, for example, has appreciated around 70% since January 1st. ETH already jumped 456% in the year and XRP as well with more traders buying Ripple on eToro.

.“It is becoming increasingly difficult for investors to ignore BTC as its price continues to rise,” says the survey.

Finally, the survey notes that investor preferences about how to buy cryptocurrencies are changing.

In 2020, more than three-quarters said they preferred to buy BTC through an exchange. Now, about 60% say they prefer to trade through a crypto app like eToro or Coinbase.

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