Bitcoin

The results of this survey on who owns Bitcoin will surprise you

Published

3 months ago

August 4, 2024

From a demographic standpoint, you’ll be unsurprised to hear that most Bitcoin investors are young and male — but beyond that, there’s plenty of diversity.

A new report has shed light on who tends to own Bitcoin (BTC) in the U.S.

The Nakamoto Project’s inaugural study reveals that investors tend to be of all political persuasions — and not just conservatives or libertarians.

This supports the idea that crypto ownership and regulation is a bipartisan issue, and greater collaboration is needed between both Democrats and Republicans to serve consumers.

American Bitcoiners can be found across the political spectrum — but they tend to be moderates.
The Nakamoto Project

From a demographic standpoint, you’ll be unsurprised to hear that most BTC investors are young and male — but beyond that, researchers concluded that there’s plenty of diversity when it comes to race, ethnicity, income, and education.

Thousands of adults nationwide were surveyed — and census data was used to ensure that the poll was as representative of the U.S. population as possible.

The results of this survey on who owns Bitcoin will surprise you - 1 — Source: The Nakamoto Project

It was particularly interesting to note that Bitcoin owners were more likely to say that they were on the extremes of the political spectrum — whether that be very liberal or very conservative.

And although the likes of Donald Trump and JD Vance have been banging the drum about the need for pro-Bitcoin policies, the authors stressed that this isn’t a Republican-only matter.

Discourse among politicians, media elites, and users of social media that politicizes Bitcoin ownership is highly misleading. The distribution of Bitcoin-owning Americans across political categories looks very much like the political distribution of all Americans across those categories. Bitcoin ownership is apolitical.
The Nakamoto Project

When it comes to morals, Bitcoiners tend to value cultural liberty and equality more than non-owners who identify as liberal or conservative.

But as you might expect, there was a much bigger divergence when all of the Americans polled were asked to say whether they agreed with a flurry of Bitcoin-related statements.

BTC investors were far more likely to say they trust the underlying technology that powers the Bitcoin blockchain, believe in this digital asset’s potential as an everyday payment method, and argue that this technology is moral — not to mention the people who HODL it.

Learning about Bitcoin inspires trust in the protocol, which leads to belief in its utility and awareness of its potential for social good, which then motivates individuals to purchase or invest in Bitcoin. But it may instead be that individuals first buy Bitcoin as an investment, or to use for payments, after which they are motivated to learn more about it, which drives awareness of its utility, belief that it is good, and trust in the protocol.
The Nakamoto Project

The Bitcoin space has often faced claims that it’s pretty cultish — that it defines someone’s identity and means that they are politically skewed in a certain way.

But drawing conclusions from the survey, The Nakamoto Project concluded that this isn’t quite right: if anything, a Bitcoiner’s politics match their peers.

What correlates most strongly 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, trustworthy, and good. The 14% of Americans who own Bitcoin, it turns out, are not members of some particular political tribe. Rather, they are simply Americans who have taken the time to study the technology and formed positive attitudes about it.
The Nakamoto Project

So… what do we draw from this? Perhaps it’s that those who are neutral or even negative about Bitcoin may need to dig deeper to fully understand what this cryptocurrency is all about — and to gain an insight into its values.

Education from crypto exchanges, investors and influencers — not to mention news sites like this one — are crucial for breaking down complicated concepts and communicating what Bitcoin stands for, beyond its reputation as an asset class that continually surges in value.

That may mean simplifying the language a little, being less combative against those who might have reservations about the world of cryptocurrency, and ensuring that trading platforms and wallets are as simple to use as their Web2 counterparts.

When it comes to these particular areas, crypto is still quite a way off delivering the same convenience as the likes of PayPal or Venmo. But inch by inch, and step by step, things are gradually improving — and there’s a lot to be bullish about.

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Acquisition

Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high

Published

3 hours ago

November 17, 2024

admin

Chinese electric vehicle manufacturer Kaixin is looking for a strategic shift with plans to acquire a controlling stake in a Middle Eastern cryptocurrency mining operation.

The announcement depicts a major jump and diversification from its traditional automotive business.

Kaixin in advanced stages of acquisition

According to Kaixin’s press release, the Beijing-based company is in advanced stages of evaluating the potential acquisition.

The target operation features cost-efficient Bitcoin mining machines and provides comprehensive cloud hosting services to meet growing industry demand.

Kaixing stated that the facility’s key advantage lies in its access to stable, long-term energy supplies. The company stated that this is crucial for maintaining profitable operations.

This energy security aspect appears to be a primary driver behind the strategic choice of location.

Kaixin currently operates as a leading new energy vehicle manufacturer in China. The company maintains professional teams across R&D, production, and marketing.

Unlike many traditional automotive companies, Kaixin’s move into cryptocurrency mining represents a different and bold strategic pivot.

The company aims to use its existing expertise in sustainable operations while expanding into the crypto sector.

Kaixin stated in its press release:

“This acquisition represents our commitment to exploring new growth avenues while maintaining our core automotive excellence.”

However, the exact timeline for when the deal will close remains unclear as the company continues its evaluation process.

The global crypto market cap has also surged past $3.04 trillion as Bitcoin (BTC) has created new all-time highs in the past few days. Alongside BTC, several other altcoins have exhibited double-digit gains in the last seven days.

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Bitcoin

An Interview With El Salvador’s Top Crypto Regulator: ‘Developing Countries Can Lead the Financial Revolution’

Published

5 hours ago

November 17, 2024

admin

The National Commission of Digital Assets is the agency in charge of regulating crypto in El Salvador, the first nation to accept Bitcoin as legal tender.

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Bitcoin

Bitcoin Surges Past $93,000 – Can A Breakthrough Unlock New Heights?

Published

9 hours ago

November 16, 2024

admin

Este artículo también está disponible en español.

Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed momentum that has triggered excitement among traders. After a period of consolidation, Bitcoin’s latest price action signals a potential breakout that could set the stage for even greater gains. As it inches closer to this critical resistance level, can the crypto giant break through and unlock new heights, or will the bears reclaim control? With the market’s eyes fixed on this pivotal moment, the next move could reshape BTC’s future.

This analysis aims to explore Bitcoin’s current surge toward the $93,257 resistance level and assess the likelihood of a breakout. By examining key technical indicators and market trends, it seeks to determine whether BTC can overcome this significant hurdle and reach new highs. Additionally, it will explore the possible impact of such a breakthrough on its price trajectory and the broader market sentiment.

Bitcoin’s Renewed Momentum Leading To $93,257

Bitcoin is currently maintaining a bullish stance, holding firmly above the 100-day SMA on the 4-hour chart, a strong indicator of continued upward momentum. The price now aims for its previous high of $93,257, having successfully avoided a drop below the $85,211 support. If this pressure continues, a break above $93,257 could create a path for new highs, while holding above the $85,211 support level signals strength in the ongoing rally.

An analysis of the 4-hour Relative Strength Index (RSI) shows a continued upside movement as the RSI climbs to 61% after dipping to 53%, signaling that the market is maintaining its bullish strength. Significantly, the sustained rise in the RSI suggests that the uptrend is gaining traction with the potential for more price increases as the buying pressure builds.

Additionally, the daily chart reveals that BTC is experiencing strong upbeat momentum, highlighted by the formation of bullish candlesticks. The asset’s position well above the key 100-day SMA further reinforces this positive trend. As BTC maintains its current trajectory, it bolsters market optimism, setting the stage for additional gains as it aims for the $93,257 target.

Lastly, the RSI on the daily chart is at 92%, indicating strong positive movement after recovering from a dip to 77% suggesting a shift in market sentiment with increased buying pressure. While the high RSI points to continued growth, prolonged overbought conditions may lead to a correction if buying activity begins to wane.

Key Resistance: Can Bitcoin Push Through?

Bitcoin is approaching a critical resistance level at $93,257, a price point that could determine the next phase of its bullish trajectory. If Bitcoin successfully surpasses $93,257, it could pave the way for new highs, indicating continued strength in the market.

However, if the resistance holds, Bitcoin could experience a pullback or consolidation, with the price retracing toward the $83,211 support level. A break below this support could indicate more declines, with the possibility of testing additional key support zones.