New Wells Fargo Survey Shows Massive Growth Potential For Bitcoin

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Wells Fargo commissioned a study which if you’re able to read between the lines shows the massive potential for growth for Bitcoin. The results, published on Friday, show that 2% of US investors actually own the cryptocurrency.

It’s worth noting that Wells Fargo is notoriously anti-cryptocurrency, just like every other major institution and most nations. You can no longer purchase cryptocurrency with any Wells Fargo account or card. It’s in their best interests to keep cash as king, as that’s where all their holdings are. The same goes for bitcoin bears like Warren Buffet.

Bitcoin Survey Results

The survey found that almost every investor had heard of Bitcoin and many are interested by it but few have diversified their portfolios with the digital currency. The results explain that 96% of investors know about Bitcoin but only 2% have purchased it and only 1% are planning to do so in the future.

The Wells Fargo survey / gallop poll showed that 72% of investors have no interest in ever buying bitcoin, while 26% say they are intrigued but have no plans of purchasing any time soon. The answers offered to those surveyed of course have a negative bias attached to them.

The survey also found that the biggest barriers to mainstream adoption are safety concerns.

“The bigger constraint on bitcoin sales is likely the widespread perception that trading in the currency is not safe. While risk is central to how investing works, three in four investors who have heard of online currencies consider bitcoin a “very risky” investment,” Lydia Saad, Gallup senior editor, said.

The survey was conducted online between May 7-14 among U.S. investors with more than $10,000 in stocks, bonds or mutual funds.

Future Adoption

Although the survey had a limited sample size, the results emphasize bitcoin’s massive potential for growth if mainstream adoption is achieved. Remember in the 90’s when no one took the internet seriously? Or how about when everyone thought no one would want a home computer.

The survey also revealed that the younger investors are driving growth and could be the key to having it spread across the masses.

“For now, most investors are on the sidelines, knowing little to nothing about bitcoin. Few are already invested in it, and even fewer plan to jump in soon,” Saad said. “Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”

According to JPMorgan Chase & Co, bitcoin exchange-traded funds (ETFs) are the ‘holy grail’ that could attract millions of casual investors. Bitcoin ETFs would mean easier access, greater liquidity and higher integrity for digital assets.

The U.S. Securities and Exchange Commission (SEC) recently rejected a bitcoin ETF application submitted by Cameron and Tyler Winklevoss, citing manipulation concerns. Securities regulators are now considering a separate application submitted by VanEck and SolidX that proponents say has a greater chance of being accepted.

Bitcoin Price Holds Position

The bitcoin price consolidated in a narrow range Monday following a relatively uneventful weekend. Prices continue to hold above $8,100 amid steady trading volumes.

Bitcoin’s bullish outlook remains intact as traders eye the 200-day moving average. The leading cryptocurrency has held above $8,000 for the better part of a week, including a sharp rebound on Friday from lows near $7,860.

The broader cryptocurrency market was down slightly at the beginning of the week, with major altcoins falling between 1% to 5%. The total market is valued at $293.2 billion, according to CoinMarketCap.

Featured image courtesy of Shutterstock.

Brian Weiss

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Brian Weiss

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