Why Most Bitcoin Enthusiasts Are Rich, Males, And Young

According to Clovr, the average Bitcoin fan is a rich-young-male, living in big places. However, this news does not come as a surprise to the average crypto enthusiast who knows that the cryptocurrency is controlled by the male folks. These male folks are rich and are earning more than $75,000 annually, according to the recent survey.

Clovr, a technical blockchain company that has conducted the research done on more than a thousand people residing in America, is poised on making blockchain go mainstream.However, it is important to know that the crypto-world is well-dominated by young male folks and this shouldn’t be surprising. The survey has also shown that millennials are very much into cryptocurrencies than any other type of generation. According to the survey, it has been revealed that most of these young male folks invest on cryptocurrencies in the hope of getting huge profits, rather than thinking cryptos will be the main medium of exchange.

Furthermore, more than 75% of people are conversant with what cryptocurrencies are, especially Bitcoin; also according to the survey, about 62% are self-reliant that they can explain what cryptocurrencies are to newbies. Generally, about 70% of the people survey also voiced out their feeling on cryptocurrencies. They are uncertain on cryptocurrencies, given that the crypto sphere is largely volatile and unpredictable.

More than 40% of these male folks have said that despite the volatility of cryptocurrencies, especially Bitcoin, the main reason why they have ventured into cryptocurrencies was due to FOMO (Fear-of-Missing-Out). Others who do not invest in cryptocurrencies said the reason was not too lose their hard-earned funds.

According to the survey also, the main reason why the cryptocurrency world is controlled by men is due to the fact that men are more willing to take risks than women- no matter what the outcome might be.To back up that fact, a survey in 2016 stated that women who are into digital trading take lesser risks. Nonetheless, it is important to also note that the number of women into cryptos are now growing by the day and it will increase once the general crypto-system is completely decentralized and free of online thefts. In accordance to this, the United States has unveiled 3 pro-crypto laws to enhance the growth and adoption of the cryptos.

“Law-makers should be accommodating latest blockchain technologies and offering a clear regulatory body that will make them grow in the U.S. This is an exciting time for blockchain technology and cryptocurrencies,” Tom Emmer, the co-chairman of the Congressional Blockchain Caucus, said.

Moving forward, blockchain is increasingly being adopted worldwide today, but most people still have the notion that cryptocurrencies such as Bitcoin can’t be able to replace fiat currencies – not yet. For people to begin to recognize the fact that it would, cryptos need to be on everyday apps that people use for their daily activities.

“It's hard for people to understand things like private keys and transfers. People need to be able to use cryptocurrencies more for things like buying their lunch," Mike Cribari, a co-founder of Clovr made this statements. Applications and mediums to help cryptocurrencies be part of our daily lives are being worked on at the moment. With the launch of notable applications such as Bakkt, we should see cryptocurrencies widely accepted by everyone very soon.