Research shows 20% of Americans hold cryptocurrency

Recent research from the Consumer Finance Institute indicates that 20% of American adults now own at least one type of cryptocurrency, with Bitcoin (CRYPTO:BTC) being a popular choice. 

This trend has gained attention as the 2024 U.S. Presidential Elections approach, with Bitcoin's price rising by 3.8% in the last 24 hours, positioning it among the top global assets. 

Its market capitalization currently stands at $1.34 trillion, according to CoinMarketCap data.

The increased interest in Bitcoin can be linked to various factors, including the political environment. 

As the 2024 election draws closer, there has been speculation about how the political climate affects cryptocurrency prices. 

Historically, Bitcoin has seen price surges during election cycles, notably in 2016 and 2020. 

Recent positive remarks on cryptocurrencies from figures such as Donald Trump and Kamala Harris have further bolstered market confidence. 

Trump's support for the industry and Harris's commitment to proper regulations have helped boost Bitcoin's appeal, driving up its value.

The rising popularity of spot Bitcoin ETFs has also played a crucial role in this price increase. 

Approved earlier this year, these ETFs have attracted over $19 billion in net inflows, reflecting strong demand from institutional and retail investors. 

This trend is complemented by a surge in the size of CME open positions, signaling that professional investors are optimistic about Bitcoin’s potential.

Another contributing factor to Bitcoin's growth is the performance of the broader market. 

The SP 500 index has reached new peaks, and October, often referred to as "Uptober," has historically been a profitable month for Bitcoin. 

According to Coinglass, Bitcoin has shown a monthly growth rate of 6.83%, further cementing its upward trajectory.

Additionally, significant investments from firms like MicroStrategy, Metaplanet, and Tesla continue to strengthen investor confidence. 

The ongoing rise in Bitcoin's price is expected to be influenced by election outcomes, market trends, and institutional backing. 

Investors are closely watching how these factors will shape Bitcoin’s future performance in the months ahead.

At the time of writing, the Bitcoin (BTC) price was $67,618.91.