Research on the Profile of Bitcoin Holders in the United States: In-depth Analysis of Demographic, Political, and Ethical Factors

Recently, a research report on Bitcoin holders in the United States has attracted attention in the industry. The report analyzes the adoption of Bitcoin in the United States from three aspects: demographic characteristics, political orientation, and moral foundations, aiming to explore the multiple factors that may influence Bitcoin holding and attitudes.

Main Findings

1. Young males are more likely to hold Bitcoin. Bitcoin holders are usually younger and predominantly male, but they are similar to the overall U.S. population in terms of race, ethnicity, income, education, and financial literacy.

2. Bitcoin holdings have no significant correlation with political stance. Although there are notable differences in the attitudes of different political parties towards Bitcoin, the survey results indicate that there is no significant relationship between Bitcoin holdings and political leanings. The proportion of Americans holding Bitcoin is roughly the same across various political backgrounds.

3. The values of Bitcoin holders are complex and diverse. The study used moral foundation theory to analyze the values and identity of Bitcoin holders. The results indicate that the holding of Bitcoin is not significantly correlated with specific moral foundations. On the contrary, the understanding of the concept of Bitcoin, the recognition of its protocols and assets, and the moral perception of Bitcoin have a greater impact on holding decisions.

Research Background

Although Bitcoin is widely known, detailed information about Bitcoin holders is still limited. About 95% of Americans are familiar with the concept of Bitcoin, and approximately 1 in 7 Americans currently own Bitcoin, but in-depth data analysis is still scarce.

This study specifically focuses on Bitcoin and limits its research scope to the United States. The survey included 3,538 adult Americans, collecting their demographic information, moral inclinations, and attitudes towards Bitcoin. Data collection was conducted in two phases: an initial sample of 3,022 respondents was collected in November 2023; in March 2024, a supplementary sample of 516 respondents was added, focusing on the impact of Bitcoin ETFs on public perception.

Demographic Feature Analysis

Research has found that the group of Bitcoin holders in the United States exhibits diverse characteristics. There are no significant differences between Bitcoin holders and non-holders in terms of race, ethnicity, religion, marital status, income, education level, or financial literacy. However, Bitcoin holders show distinct characteristics in age and gender: they tend to be younger and male.

It is worth noting that this phenomenon of gender imbalance is not very apparent in international samples, and is mainly prominent in studies conducted in the United States.

The Impact of Political Affiliation on Bitcoin Holdings

From a political perspective, there is no significant difference between Bitcoin holders and non-holders. Although Bitcoin is often mistakenly viewed as a right-wing or libertarian phenomenon, research has shown that the political distribution of Bitcoin holders is very similar to that of non-holders, with most people concentrated in the middle of the political spectrum.

Compared to non-holders, Bitcoin holders are more likely to see themselves as positioned at the extremes of the political spectrum, with more people identifying as very liberal (+5.7%) or very conservative (+2.3%).

Self-identified very liberal respondents are most likely to own Bitcoin (21.9%), followed by very conservative respondents (17.6%), while the holding proportion among moderates is the lowest (14.3%). Libertarians are more likely to hold Bitcoin, although they represent a very small proportion of all respondents (only 3%).

Overall, the political distribution of Bitcoin holders does not significantly differ from that of the general U.S. population. Political statements about Bitcoin ownership from politicians, the media, and social platforms are often misleading, and there is no direct relationship between Bitcoin ownership and political factors.

The Relationship Between Moral Foundations and Bitcoin Holding

The research explored the moral tendencies of Bitcoin holders using moral foundational theory. The results showed that Bitcoin holders exhibit unique characteristics: they are more concerned with cultural freedom and equality; they are comparable to conservatives in terms of sanctity and loyalty, comparable to liberals in terms of care, while being positioned between liberals and conservatives on economic freedom and authoritarianism.

This indicates that Bitcoin holders possess a unique diversity and complexity in their moral orientation, not fully conforming to traditional liberal or conservative classifications.

Key Factors Affecting Bitcoin Holders

Research has found that four key cognitive factors significantly influence whether a person is a Bitcoin holder:

1. Trust in the underlying technology of Bitcoin, including confidence in its security and accuracy.

2. Knowledge level about Bitcoin, including current understanding of Bitcoin and the level of attention to related news.

3. Recognition of the practicality of Bitcoin, believing in the actual value of Bitcoin in daily transactions or investments.

4. Regarding the moral perception of Bitcoin, it is believed that the technology and users of Bitcoin are moral, and it is believed that Bitcoin can improve society.

Bitcoin holders generally have more confidence in its technology and believe that Bitcoin is morally positive. In contrast, non-holders exhibit distrust or a neutral attitude.

These cognitive factors are key in determining whether to hold Bitcoin. Understanding Bitcoin technology enhances trust in its network, leading to belief in its utility and an awareness of the potential social benefits it may bring. This cognitive shift may have a bidirectional causal relationship with Bitcoin holding.

Conclusion

The research findings overturn some common misconceptions. Bitcoin holders do not have a clear political bias, and there are Bitcoin holders among various political backgrounds. The only significant demographic difference is that Bitcoin holders are younger and predominantly male.

The ownership of Bitcoin is not related to specific social or political identities, but closely tied to an individual's level of knowledge and understanding of Bitcoin. Bitcoin holders are often those who have a deep understanding of technology, believe it has practical uses, is trustworthy, and is morally acceptable.

This indicates that the popularity of Bitcoin is not limited to a specific political faction or social group, but is driven by individuals' understanding and acceptance of technology. The future development potential of Bitcoin depends on the public's awareness of its value and use, rather than political differences.