Bitcoin continues to hold recent highs, topping $45,000 at the beginning of 2024 before pulling back a bit. Much of the speculation that is driving BTC higher is the expectation that the Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin ETF after pushing back against the exchange-traded vehicle for years.
So, how high will Bitcoin go when a Bitcoin ETF (or multiple BTC ETFs) are approved? Speculation is all over the place, but a recent report by Security.org predicts that 21% of “never owners” would be inclined to buy BTC if there is an exchange-traded fund.
According to Security.org’s research, while current owners of crypto are keenly aware of a possible Bitcoin ETF, 39% of the general public are not aware of this potential event, even while 80% are familiar with crypto.
The report posits that approximately 93 million investors in the US hold some form of crypto.
Highlighted findings of the study are as follows:
- Cryptocurrency awareness and ownership rates have increased to record levels: 40% of American adults now own crypto, up from 30% in 2023. This could be as many as 93 million people.
- Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year. Their most desired currencies were Bitcoin, Ethereum, Dogecoin, and Cardano.
- The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.
- 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This means as many as 29 million more Americans could join the market soon.
- 46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry. Those who currently own cryptocurrencies are even more likely to be optimistic.
The study shares that 15% of non-owners will purchase crypto in 2024, an increase from 5% in 2023.
Still, there is a hardcore group that remains crypto-resistent, with 44% of surveyed individuals stating they will never buy crypto.
