A new study conducted by researchers from Washington State University and Reed College has unveiled surprising insights into Bitcoin ownership trends in the United States, challenging several long-held assumptions about cryptocurrency adoption.

The research, based on a nationally representative sample of 3,538 adults, aimed to identify key factors influencing Bitcoin adoption and ownership across the country. The survey, conducted in two stages between November 2023 and March 2024, provides the first population-level analysis of Bitcoin ownership in America.

Contrary to popular belief and polarized political rhetoric, the study found that Bitcoin ownership is not significantly correlated with political affiliation. Despite the perception that Bitcoin is predominantly associated with conservative or libertarian ideologies, owners of Bitcoin span the entire political spectrum. 

The data showed that Bitcoin owners tend to cluster towards moderate political views, with only slight increases in the “very liberal” and “very conservative” categories compared to non-owners.

Demographically, Bitcoin owners in the US are remarkably diverse, closely resembling the general population in terms of race, ethnicity, income, education, and financial literacy. However, two notable distinctions emerged: Bitcoin ownership skews towards younger individuals and males. This gender imbalance, the researchers noted, appears to be specific to the US market and may not be reflective of global trends.

The study employed the Moral Foundations Theory to analyze the values and identities of Bitcoin owners. 

“This theoretical framework,” they wrote, “proposes that human moral reasoning is based on innate but culturally variable foundations. The theory initially identified five core foundations: care/harm, fairness/cheating, loyalty/betrayal, authority/subversion, and sanctity/degradation (purity). A sixth foundation, liberty/oppression, was later added, and further, fairness/cheating was split into equality and proportionality (we use this most recent conceptualization here).”

Interestingly, they discovered that Bitcoin owners exhibit a unique blend of liberal and conservative moral foundations. Compared to non-owners, Bitcoin owners scored slightly higher on equality, proportionality, loyalty, cultural liberty, and purity. However, these moral foundation differences were not strongly correlated with Bitcoin ownership, further emphasizing the diverse nature of Bitcoin adopters.

Perhaps the most significant finding of the study was the identification of four major predictors of Bitcoin ownership: knowledge about Bitcoin, belief in its utility, trust in the Bitcoin protocol and asset, and the perceived morality of Bitcoin. These factors were found to be highly correlated with each other and with ownership, suggesting that education and positive perceptions play a crucial role in driving adoption.

Professor Andrew Perkins, one of the study’s authors, emphasized that Bitcoin owners are not members of a particular political tribe but rather Americans who have taken the time to study the technology and formed positive attitudes about it. This insight challenges the notion of Bitcoin ownership as a form of identity politics and instead frames it as a result of informed decision-making.

The research also revealed interesting nuances in how Bitcoin is perceived. While non-owners generally expressed neutral to negative views on Bitcoin’s trustworthiness and morality, owners displayed strong positive sentiments in these areas. This stark contrast highlights the potential impact of education and exposure on shaping attitudes towards cryptocurrency.

The study suggests that future discussions and policies surrounding Bitcoin should focus less on political divisions and more on education, utility, and trust-building measures to foster wider adoption and understanding of the technology.

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