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COVID-19 made Bitcoin more attractive to investors

October 27, 2020

A survey by Grayscale investments indicate that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).

Source: Grayscale investment.

The company surveyed 1,000 American consumers, ages 25-64, who had made personal investments of $ 10,000 or more in home investments. The survey was conducted from June to July 2020.

63% of respondents who had invested in Bitcoin in the past four months said the pandemic had an impact on their decision. Also, 39% found Bitcoin more attractive due to the pandemic. Only 13% said the events related to COVID-19 made the asset less desirable::

According to respondents, Bitcoin appears to share some attributes with safe haven investments. Bitcoin’s scarcity, verifiability, lack of correlation with global markets, and the fact that Bitcoin is not controlled by government organizations are attributes that make Bitcoin similar to traditional safe-haven investments. “

COVID-19 made Bitcoin more attractive to investors
COVID-19 made Bitcoin more attractive to investors

This seems to support Bitcoin’s status as a safe haven, as many analysts suggest. According to the survey results, interest in Bitcoin as an investment seems to increase with the level of education. For example, only 17% of those without a degree had an interest in the asset, while 29% had a degree.