For the third consecutive year, Grayscale surveyed the investor community to explore attitudes and perspectives around Bitcoin. Despite the regular launch of new currencies, Bitcoin continues to pervade discussions among investors, advisors, financial institutions, media, service providers, regulators, and policymakers. Grayscale conducted this third wave of research to assess how perceptions of Bitcoin have shifted since 2019, particularly as it relates to the following topics:

Familiarity with and interest in Bitcoin (and other cryptocurrencies)

Profile of investors interested in Bitcoin

Aspects of Bitcoin that drive investor interest

Barriers to investing in Bitcoin

The role Bitcoin plays in one’s portfolio

Impact of a Bitcoin ETF

Several key themes emerged from this year’s study. Chief among them was an increase in awareness of Bitcoin as a store-of-value asset during an inflationary economic period. Investors have shown an increasing inclination to own Bitcoin as a profitable long-term investment rather than as a currency.