Analysis of Characteristics of Bitcoin Holders in the U.S.: Age and Gender Dominate, Political and Moral Influences Are Weak

Profile of Bitcoin Holders in the United States: A Deep Analysis of Population, Politics, and Morality

Recently, a research report on Bitcoin holders in the United States has attracted widespread attention. The report analyzes the adoption of Bitcoin in the U.S. from three dimensions: demographic characteristics, political orientation, and moral foundations, aiming to explore other factors that may influence Bitcoin holding and attitudes beyond standard demographic data.

Key Highlights

  1. Younger males are more likely to hold Bitcoin: Bitcoin holders are typically younger and predominantly male, but in terms of race, ethnicity, income, education, and financial literacy, they are similar to the overall population of the United States.

  2. Bitcoin holding is unrelated to political factors: Although there are significant differences in the attitudes of different political parties in the United States towards Bitcoin, survey results show that there is no obvious correlation between Bitcoin holding and political inclination. The number of Bitcoin holders across different political backgrounds is basically the same.

  3. Value Perspectives of Bitcoin Holders: The study analyzed the value perspectives and identity recognition of Bitcoin holders using moral foundation theory. The results indicate that Bitcoin holding is not significantly correlated with specific moral foundations. In contrast, the understanding of the concept of Bitcoin, recognition of its protocols and assets, and moral perception of Bitcoin are more influential in holding decisions.

Research Background

Although Bitcoin is well known, detailed information about its holders is still relatively limited. About 95% of Americans are familiar with the concept of Bitcoin, and about 1 in 7 Americans currently own Bitcoin, but detailed data is still scarce.

Previous related studies often have limitations such as small sample sizes, overly broad scopes, or only focusing on a few indicators. Most studies focus on cryptocurrencies as a whole rather than concentrating on Bitcoin. Therefore, this report specifically focuses on Bitcoin and limits the research scope to the United States.

The research team, along with partners, investigated 3,538 adult Americans, collecting demographic information, moral inclinations, and their attitudes towards Bitcoin. Data collection was conducted in two phases: an initial sample of 3,022 respondents was collected in November 2023; an additional sample of 516 respondents was added in March 2024, focusing on the impact of Bitcoin ETF on public perception.

Demographic Characteristics 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. From a demographic perspective, these two groups perform similarly on most indicators. However, Bitcoin holders show significant differences in age and gender: they tend to be younger and more male.

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

A Comprehensive Understanding of the Portrait of Bitcoin Holders in the U.S.: A Deep Analysis of Population, Politics, and Morality

The Impact of Political Orientation on Bitcoin Holders

From a political perspective, there is no significant difference between Bitcoin holders and non-holders. Although Bitcoin has faced criticism from various political factions since its inception, it has particularly been under attack from the political left in recent years, while its most steadfast supporters often come from the Republican and libertarian camps, leading many to mistakenly believe that Bitcoin is a right-wing or libertarian phenomenon.

The study designed five questions to explore respondents' overall political stance, social issues, economic issues, and their self-positioning regarding their political stance. The results indicate 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 perceive themselves as being in extreme positions, specifically with more people identifying as very liberal or very conservative.

To measure the political inclination of respondents more accurately, the study asked respondents to score themselves on a scale of 1-10, where a lower score represents more freedom, and a higher score indicates more conservatism. The results showed no significant difference between Bitcoin holders and non-holders on this scale. Surprisingly, respondents who identified as very liberal were the most likely to own Bitcoin, followed by very conservative individuals, while moderates had the lowest ownership rate.

The only significant difference is that libertarians are more likely to hold Bitcoin, although they make up a small proportion of all respondents. Overall, the political distribution of Bitcoin holders does not significantly differ from that of the general U.S. population. Political rhetoric from politicians, media elites, and social media users regarding Bitcoin ownership is often misleading, and there is no direct correlation between Bitcoin ownership and political factors.

Understanding the Portrait of Bitcoin Holders in the U.S.: A Deep Analysis of Population, Politics, and Morality

The Moral Foundation and its Connection to Bitcoin Holders

The research adopted the moral foundation theory to explore whether moral foundations can predict Bitcoin holding behavior. This theory suggests that human moral reasoning, while innate, can change with later learning. Initially, the theory proposed five core moral foundations: fairness, care, loyalty, authority, and sanctity, later adding a sixth foundation - liberty. Different cultures and political ideologies place varying degrees of importance on these foundations, which can explain the different moral and political inclinations of individuals.

The survey required respondents to rate different statements on a scale from 1 to 7, with higher numbers indicating a greater level of agreement. The results show that there are indeed some differences between liberals and conservatives on moral grounds, but they are not as large as people have always believed; in fact, they are quite similar.

It is worth noting that Bitcoin holders exhibit unique characteristics: they are more focused on 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 regarding economic freedom and authoritarianism.

Therefore, we can conclude that although Bitcoin holders' performance on a moral basis does not completely align with traditional liberal or conservative classifications, they tend to lean more towards liberal values, especially in terms of freedom and fairness. At the same time, their positions on other moral foundations are between liberal and conservative, indicating that Bitcoin holders possess a unique diversity and complexity in their moral orientation.

A Comprehensive Understanding of the Portrait of Bitcoin Holders in the United States: In-Depth Analysis of Population, Politics, and Morality

Key Factors Affecting Bitcoin Holders

Although demographic characteristics, political leanings, and moral foundations are not significantly related to whether one holds Bitcoin, the survey identified four key cognitive factors that significantly influence holding decisions:

  1. Trust in Bitcoin's underlying technology: Including trust in its security and accuracy.

  2. Knowledge of Bitcoin: Including the current understanding of Bitcoin and the level of attention to Bitcoin news.

  3. The Practicality of Bitcoin: Believe in the practical value of Bitcoin in everyday transactions or investments.

  4. Moral Perception of Bitcoin: Believing that Bitcoin technology and its users are moral, and trusting that Bitcoin can improve society.

The survey results show that there are significant differences between Bitcoin holders and non-holders in these aspects. 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 determinants of whether to hold Bitcoin. Understanding Bitcoin technology will enhance trust in its network, leading to a belief in its utility and an awareness of the potential social benefits it may bring. These factors may motivate individuals to purchase or invest in Bitcoin. Conversely, it may also be the case that individuals initially buy Bitcoin and view it as an investment, and as its value grows, their interest in the technology behind Bitcoin increases, leading to greater recognition of its utility and morality. While it is impossible to determine which path leads to this cognitive change, the overall effect is positive, and the causal relationship may be bidirectional.

A Comprehensive Understanding of the Portrait of Bitcoin Holders in the US: A Deep Analysis of Population, Politics, and Morality

A Comprehensive Understanding of the American Bitcoin Holder: An In-Depth Analysis of Population, Politics, and Morality

A Comprehensive Understanding of American Bitcoin Holder Profiles: In-Depth Analysis of Population, Politics, and Morality

A Comprehensive Understanding of the Portrait of Bitcoin Holders in the United States: A Depth Analysis of Population, Politics, and Morality

Conclusion

In the past, people often believed that the political leanings of Bitcoin holders influenced their choices; however, surveys show that there is no significant bias in the political stance of Bitcoin holders. Whether liberal, conservative, or centrist, Bitcoin holders exist in all groups. The only notable demographic difference is that Bitcoin holders tend to be younger and predominantly male.

Research indicates that Bitcoin ownership is not related to specific social or political identities, but is closely associated with 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 positive attitude drives them to hold Bitcoin, rather than simple political or social identification.

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

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SelfRuggervip
· 2h ago
Young male pro is involved in Bitcoin?
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MentalWealthHarvestervip
· 9h ago
Young males dominate, which is very reasonable.
View OriginalReply0
MEVEyevip
· 9h ago
Only young people can see through the essence of BTC.
View OriginalReply0
DiamondHandsvip
· 9h ago
Why don't girls buy coins?
View OriginalReply0
FlatTaxvip
· 9h ago
Again, it is male-dominated.靠靠
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NFTFreezervip
· 9h ago
It turns out that the crypto world is still the domain of old men.
View OriginalReply0
GweiTooHighvip
· 9h ago
Rich brother, hurry up and participate in the lottery.
View OriginalReply0
ruggedNotShruggedvip
· 9h ago
It's the world of speculators.
View OriginalReply0
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