Portrait of Bitcoin Holders in the United States: An In-Depth Analysis of Demographic, Political, and Moral Factors

Recently, a research report on Bitcoin holders in the United States was released, analyzing the adoption of Bitcoin in the U.S. from the perspectives of demographic characteristics, political inclination, and moral foundations. The study aims to explore other factors that may influence Bitcoin holding and attitudes beyond standard demographic data.

Main Findings

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

2. Bitcoin holding is unrelated to political factors: Although there are significant differences in attitudes towards Bitcoin among different political parties in the United States, survey results indicate that there is no significant relationship between Bitcoin holding and political orientation. The proportion of Americans holding Bitcoin is roughly the same across various political backgrounds.

3. The values of Bitcoin holders: A study using moral foundation theory analyzed the values and identity of Bitcoin holders. The results showed that Bitcoin holding was not significantly correlated with specific moral foundations. Instead, Bitcoin holding was more influenced by the understanding of the concept of Bitcoin, the recognition of its protocols and assets, as well as the moral perception of Bitcoin.

Research Background

Although Bitcoin is widely known, detailed information about Bitcoin holders is still limited. About 95% of Americans are aware of the concept of Bitcoin, and about 1 in 7 Americans currently hold Bitcoin, but detailed data remains scarce.

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

The research team collaborated with a data company to survey 3,538 adult Americans. The survey collected respondents' demographic information, ethical tendencies, and their attitudes toward Bitcoin. Data collection was divided into two phases: the initial sample was collected in November 2023, consisting of 3,022 respondents; the supplementary sample was collected in March 2024, adding 516 respondents, focusing on the impact of Bitcoin ETFs on public awareness.

Demographic Characteristics Analysis

Research has found that the Bitcoin holder community in the United States is very diverse. 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, the 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 gender imbalance phenomenon is not very pronounced in international samples, showing more prominently only in studies conducted in the United States.

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 attacked by the political left in recent years, while its staunchest supporters are often Republicans and libertarians, leading many to mistakenly believe that Bitcoin is a right-wing or libertarian phenomenon.

The research designed five questions to explore the 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 see themselves in extreme positions, specifically manifested in a larger number of people identifying as very liberal or very conservative.

Surprisingly, self-identified very liberal respondents are the most likely to own Bitcoin (21.9%), followed by very conservative respondents (17.6%), while moderates have the lowest ownership rate (14.3%). The only significant difference is that libertarians are more likely to hold Bitcoin, although they make up a very small proportion of all respondents (only 3%).

Overall, the distribution of Bitcoin holders in terms of politics does not significantly differ from the general U.S. population. Political figures, media elites, and social media users often make misleading political statements about Bitcoin ownership, which has no direct relationship with political factors.

The Connection Between Moral Foundations and Bitcoin Holders

The study adopted the Moral Foundations Theory to explore the moral inclinations of Bitcoin holders. This theory posits that human moral reasoning, while innate, can change through subsequent learning. The theory includes six core moral foundations: fairness, care, loyalty, authority, sanctity, and liberty.

Survey results indicate that there are indeed some differences in moral foundations between liberals and conservatives, but they are not as significantly different as we have always thought; instead, they are quite similar.

Bitcoin holders exhibit a unique characteristic of being more focused on cultural freedom and equality; they are comparable to conservatives in terms of sanctity and loyalty, similar to liberals in terms of care, and are positioned between liberals and conservatives in terms of economic freedom and authoritarianism.

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

Key Factors Affecting Bitcoin Holders

Research has identified four significant cognitive factors that influence whether a person holds Bitcoin:

1. Trust in the underlying technology of Bitcoin: 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 practicality of Bitcoin in daily transactions or investments.

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

The survey results indicate 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 in deciding whether to hold Bitcoin. Understanding Bitcoin technology can 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 due to individuals initially purchasing Bitcoin and viewing it as an investment, and as its value grows, their interest in the technology behind Bitcoin increases, leading to a greater recognition of its utility and morality.

Conclusion

Research shows that Bitcoin ownership is not related to specific social or political identities, but closely related to an individual's level of knowledge and awareness 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 simply 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 the technology. This also means that the future potential of Bitcoin's development depends on the public's recognition of its value and use, rather than political differences.