A recent survey has revealed Bitcoin has gained traction with younger U.S. investors in terms of awareness, interest, and ownership over the past three years. The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds.
It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018.
The researchers noted that Bitcoin’s relatively modest ownership can be contrasted with more mainstream investments. The survey revealed that 84% of the investors polled reported having invested in stock index funds or mutual funds, while 67% said they owned individual stocks, and 50% have bonds.
“At 6%, Bitcoin ownership is more akin to gold, which 11% of investors say they own.”
The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24. This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the Korean won.
Under the Specific Financial Information Act, the punishment for exchanges that continue to operate without registration is up to five years in prison or a fine of up 50 million Won — roughly $43,500 USD. Sources suggest that there are plans to block websites belonging to unregistered exchanges in the future as well.
Korean users should check on September 25 to see if the exchange they are using is registered to avoid any related penalties. As of that date, sales made through such exchanges would be illegal within the country.
This Friday's weekly Bitcoin (BTC) options expiry currently holds a $330 million open interest. Considering the recent struggle to regain the $32,000 support, this event is an important test of bulls' willingness to display reversion signs.
On July 21, Alameda Research announced that the company made Bitcoin purchases below $30,000, and Sam Trabucco, the firm's quantitative trader, mentioned that the narrative for BTC could turn bullish because of the ongoing fear, uncertainty and doubt (FUD) caused by the China BTC mining ban, Grayscale GBTC unlock and recovery in stock markets.
The chart above shows that the current downtrend channel, initiated three weeks ago, might be invalidated if the price breaks the $32,200 resistance. The move seems to have been sparked by Elon Musk's statement that his firm SpaceX also holds Bitcoin.
This Daily Dose was brought to you by Cointelegraph.