Bitcoin ownership in the United States spans diverse demographic and political orientations, challenging common assumptions about its adherents, according to a new report.
The Nakamoto Project recent survey on Bitcoin Adoption provides a comprehensive analysis of ownership trends among Americans. The survey, conducted in partnership with Qualtrics, involved a representative sample of 3,538 adults collected in two phases from November 2023 to March 2024.
The study aimed to identify the key factors influencing Bitcoin adoption and ownership in the United States, and was distinguished from previous studies by its population-level scope and specific focus on Bitcoin. One of the report’s authors, Troy Cross, summarized the findings about
“Our survey of 3,538 US adults found bitcoin ownership:
-covers the full spectrum of political identity
-is skewed young and male
– correlates weakly with a unique profile of moral values
– correlates strongly with knowledge of bitcoin”
The findings show that Bitcoin ownership is not significantly affected by political orientation. Despite the polarized political rhetoric surrounding Bitcoin, the data indicates that Bitcoiners span the political spectrum, with a tendency toward moderate views.
The survey found that 21.9% of very liberal respondents and 17.6% of very conservative respondents own Bitcoin, compared to 14.3% of moderates. The data does not support the idea that Bitcoin ownership is predominantly a right-wing or libertarian phenomenonas Bitcoin owners reflect the broader US political landscape.
Overall, about 45% identify as liberal and 41% as conservative, indicating mostly bipartisan support for Bitcoin.
The report states:
“What most strongly correlates with Bitcoin ownership is not who you are, so to speak, but how much you know about Bitcoin, and whether you think it is useful, reliable and good.
The 14% of Americans who own Bitcoin, it turns out, are not members of any particular political tribe. Rather, they are simply Americans who have taken the time to study the technology and have formed a positive attitude toward it.”
Demographically, Bitcoin owners are similar to the general US population in terms of race, ethnicity, income, education, and financial literacy. However, there are notable differences in age and gender; Bitcoin ownership makes you younger and male. The survey found that younger people are more likely to own Bitcoin, with a significant concentration among those under the age of 35. Furthermore, 46.1% of Bitcoin owners are male, compared to 52.3% female in the general population.
The study used Moral Foundations Theory to examine the moral and ethical values of Bitcoin owners. Bitcoiners exhibit a mix of liberal and conservative moral foundations, prioritizing cultural freedom, equality, and proportionality, while aligning themselves with conservatives on purity and loyalty. However, these moral foundations were less predictive of Bitcoin ownership than other factors.
The top predictors of Bitcoin ownership identified in the study include knowledge about Bitcoin, belief in its usefulness, trust in the Bitcoin protocol, and perceived morality of Bitcoin. These variables were highly correlated with each other and with Bitcoin ownership. Respondents who demonstrated a higher level of knowledge about Bitcoin, trusted its technology, believed in its practical usefulness, and viewed it as morally good. They were more likely to own Bitcoin.
Trust in the Bitcoin protocol and its perceived morality emerged as key differentiators between Bitcoin owners and non-owners. While non-owners tended to be neutral or negative about Bitcoin’s reliability and morality, owners expressed strong positive sentiments in these areas. This suggests that individuals who trust Bitcoin’s technology and believe in its social and moral value are more likely to adopt it.
The findings indicate that Bitcoin ownership in the US is determined more by individual knowledge and attitudes toward Bitcoin than by demographic or political factors. The study challenges the perception of Bitcoin ownership as a politically or demographically distinct phenomenon, highlighting that the 14% of Americans who own Bitcoin are diverse and broadly representative of the broader population. The research highlights the importance of education and positive perceptions in driving Bitcoin adoption.
The Nakamoto Project’s research provides valuable insights into the demographics, political orientations, and key factors influencing Bitcoin ownership in the United States. It shows that Bitcoiners are not limited to a particular demographic or political group, but are united by their knowledge, trust and positive perception of Bitcoin.