However, around one fifth of US residents are considering buying into the popular cryptocurrency.

A recent study released by SurveyMonkey and Global Blockchain Business Council (GBBC) has shed some light on what the average American thinks about bitcoin, in addition to what type of person decides to make the cryptoasset part of their portfolio.

According to the survey, there is a growing familiarity with bitcoin in the United States, but not many people have taken the plunge into the world of cryptocurrency investments.

Those who have decided to get their hands on some bitcoin do so for a variety of reasons, including the avoidance of government regulations.

Who uses bitcoin?

Of the more than 5,000 people who took part in the survey, nearly six in ten (58%) said they had heard or read about bitcoin, which is up significantly from a similar survey in 2013, which found that roughly a quarter (25.3%) of Americans were somewhat familiar with the cryptoasset at the time.

Only a small proportion (5%) of respondents claimed to hold some bitcoin, and these individuals were overwhelmingly young males. In fact, the majority (71%) of the bitcoin holders from the survey were male, while a significant number (58%) of them were between the ages of 18 and 34. Another way of looking at this aspect of the data is to say that around one in then (10%) millennials own some bitcoin, in contrast to one out of every 100 (1%) seniors.

Half of the bitcoin holders from the survey define themselves as independents in terms of their politics.

Why do they use bitcoin?

The reasons as to why American bitcoin holders add the digital asset to their portfolios falls into five categories.

63% see it as a growth investment

40% want to support the development of blockchain technology

33% use it to avoid government regulation

28% see it as a store of value

22% use it as hedge against potential price crashes in traditional assets

If given US$1000, the bitcoin holders from the survey were nearly three times as likely to say they would purchase more bitcoin rather than putting it into a savings account.

The most revealing statistic, in terms of getting into the mind of American bitcoin holders, may be that more of them trust the bitcoin network (24%) than their own government (17%).

Blockchain is the most popular bitcoin wallet in the world, with over 20 million users. As of last week, customers in the US are able to sell their bitcoin from within the wallet – with the option to buy coming soon.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.