Bitcoin's tepid performance since the beginning of the year - it has largely consolidated around $10,000, down 50% from its all-time peak - has left cryptocurrency evangelists with egg on their face.
But who exactly owns bitcoin? While nearly 60% of Americans say they've heard of it, only 5% of people own bitcoin, according to Bloomberg.
At least that's what a joint study by SurveyMonkey and Global Blockchain Business Council determined...
And within that group, demographics are fairly consistent. An overwhelming 71% of them are male. The majority - 58% - are young, between the ages of 18 and 34 years old. And unlike the broader US population, nearly half of them are minorities.
When asked why they bought the crypto asset, investors answered that a combination of a lack of trust and an opportunity for return are at play. About one-third of Bitcoin owners said it was a means to avoid government regulation - 24% also said they trust Bitcoin more than the US government in a separate question - and about two in 10 saw it as a hedge against crashes in traditional assets. More than 60% also said that buying the digital coin was seen as a growth investment.