Research on the Portrait 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 aspects: demographic characteristics, political inclinations, and moral foundations, aiming to explore other factors that may influence Bitcoin holding and attitudes beyond standard demographic data.

Research Highlights

1. Young 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 significant relationship between Bitcoin holding and political inclination. The number of Bitcoin holders in the United States is basically the same across different political backgrounds.

3. The Values of Bitcoin Holders: An investigation using ethical foundation theory to analyze the values and identity of Bitcoin holders. The results show that Bitcoin holding is not significantly correlated with specific ethical foundations. In contrast, Bitcoin holding is more influenced by the understanding of the concept of Bitcoin, the recognition of its protocol and assets, and the moral perception of Bitcoin.

Research Background

Although Bitcoin is a household name, information about Bitcoin holders is relatively limited. While about 95% of Americans are aware of the concept of Bitcoin, approximately 1 in 7 Americans currently hold Bitcoin, but detailed data is still scarce.

To explore the popularity of Bitcoin in the United States, the research team surveyed 3,538 adult Americans. This survey aimed to collect demographic information, ethical tendencies, and their attitudes toward Bitcoin among the respondents. The 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 examining the impact of Bitcoin ETFs on public awareness.

Demographic Characteristics Analysis

Research found that the Bitcoin holder group 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, 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.

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.

Research 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 believe they are in extreme positions, specifically manifested by more people identifying as very liberal or very conservative.

The only notable difference is that libertarians are more likely to hold Bitcoin, although they make up a very small proportion of the respondents (only 3%). Overall, the political distribution of Bitcoin holders does not significantly differ from that of the general U.S. population. Bitcoin ownership is not directly related to political factors.

The Moral Foundation and the Connection to Bitcoin Holders

The study used moral foundation theory to explore the moral tendencies of Bitcoin holders. This theory proposes six core moral foundations: fairness, care, loyalty, authority, sanctity, and liberty.

The survey results indicate that Bitcoin holders exhibit a unique characteristic, being more concerned with cultural freedom and equality; comparable to conservatives in sanctity and loyalty, equivalent to liberals in care, while positioned between liberals and conservatives in economic freedom and authoritarianism.

Therefore, we can conclude that while Bitcoin holders do not fully align with the traditional classifications of liberal or conservative on a moral basis, they tend to lean towards liberal values, particularly in terms of freedom and justice. At the same time, their positions on other moral foundations fall between liberal and conservative, indicating that Bitcoin holders possess a unique diversity and complexity in their moral orientations.

Key Factors Affecting Bitcoin Holders

Although demographic characteristics, political orientation, and moral foundations have little relation to whether one holds Bitcoin, the survey identified four key cognitions that significantly affect whether a person holds Bitcoin:

1. Trust in the underlying technology of Bitcoin: including trust in its security and accuracy.

2. Knowledge about Bitcoin: including 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 perceptions 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 areas. 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.

Conclusion

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