More than 50% of Americans sell gold or stocks to buy Bitcoin

Most people who have read about cryptocurrencies know that Bitcoin, due to its properties, is often referred to as “digital gold.” A new study reveals that more and more people in the United States prefer Bitcoin over gold.

GameFi ChainPlay conducted a joint survey with Storible. In their study, they asked 1,428 Americans about cryptocurrencies and investments in their lives.

According to a reportMore than 68% of Americans now own some cryptocurrency. 77% are considering increasing their investments in cryptocurrencies in 2025. 60% of crypto investors believe that the value of their assets will double in 2025.

The survey shows that 50% of cryptocurrency owners are boomers, while nearly 30% are millennials, and the rest are Generation Z. The report’s authors conclude that cryptocurrency owners are getting younger. However, it is not clear what numbers were used as a reference point. The complete absence of representatives of Generation X in this report raises questions. Now this is the real lost generation!

Unfortunately, the report does not specify what groups of participants were and how ChainPlay and Storible chose who to survey.

According to other sources, only 13% of Americans own cryptocurrencies as of November 2024. The number seems to depend largely on the methodology.

New crypto investment statistics

A survey revealed that Trump’s victory had a serious impact on people’s perception of cryptocurrencies, with 38% of participants deciding to invest in cryptocurrencies after the election result.

A large number of these people, 84%, are first-time buyers who decided to try their fortunes in crypto after the pro-crypto candidate won.

Now is the time to talk more closely about the BTC investment insights found in the report. There are three main points. First, 51% of Americans allocate more than 30% of their assets to meme coins. This is an interesting statistic that proves that the booming token market is no joke.

The second point indicates that one-fifth of Americans allocate more than 30% of their investments in cryptocurrencies. Finally, nearly 52% of participants admitted that they were selling gold or stocks to invest in Bitcoin.

The latest revelation demonstrates the tectonic shift in people’s minds. More than half of respondents now believe that bitcoin is here to stay, that it is safer and potentially more profitable than gold or stocks.

Preferring Bitcoin over gold or stocks was still a fringe mindset during the 2017 bull run. Nowadays, when many governments around the world announce that they will mine or store Bitcoins or use them for international payments, people look at Bitcoin without prejudice.

Furthermore, statistics mean that these people not only decided to buy some Bitcoin, but took the extra step of ditching their traditional assets to invest in Bitcoin first. According to the survey, more than 51% of these people are in America. It shows the unprecedented upside of digital gold.

Bitcoin and gold

The name “digital gold” has its reasons, of course. Bitcoin bears some similarities to gold. Both assets are scarce and deflationary. There will be no more gold or more Bitcoin in the future. The amount of both assets is limited and unlikely to increase. You may have heard about the pre-determined Bitcoin mining reward that shrinks twice every four years (the so-called halving). Gold mining is also declining, however, the speed at which gold mining is declining lags far behind Bitcoin’s increasing scarcity.

Experts Prognosis Whether humanity has reached the point of “peak gold” (the moment after which gold mining will decline continuously). In the case of Bitcoin, Bitcoin’s peak was in the early years, and after that, production always declined, making Bitcoin rarer than gold. When gold mining declines by 2%, the price of Bitcoin may decline by 50%.

What’s more, after each coin is mined, Bitcoin may head to the moon, and gold miners may actually start mining gold on the moon, increasing the total supply available to Earth’s markets. While gold is becoming increasingly scarce due to its use in hardware, jewelry and other products, bitcoins are being lost or banned forever. The speed at which Bitcoins were minted was so high that in the 16 years of Bitcoin’s existence, about 20% of all units were considered lost.

According to businessman and television personality Mark Cuban, Bitcoin has become a store of value and has reached a level of acceptance similar to gold. He and MicroStrategy’s president, Michael Saylor, point out that unlike gold, Bitcoin is generally easier to transfer and control.

Saylor once proposed a thought experiment in which we should imagine that we are trying to bring a large amount of gold or cash onto an airplane. Airport officers will treat the owners like thieves. The same thing happens if we try to send a large amount of money abroad via bank transfer. Saylor points out that, unlike traditional assets, bitcoin provides owners independence and control over their money.