Among those people who traded at least $1,000 a month in Bitcoin, 25% are at a level of $4,000 or more, according to research from GNY, the blockchain-based machine learning business.
Just 11% say they traded around $1,000 a month, with 34% saying it is between $1,000 and $2,000. Nearly one in three (30%) trade between $2,000 and $4,000 a month.
GNY commissioned the research company Pureprofile to survey 100 Bitcoin traders who trade at least $1,000 a month in the cryptocurrency.
“With the value of Bitcoin rising by 11% in 2021 and by 3000% over the past five years, it has attracted an army of serious traders that is growing rapidly in number.”
The survey was conducted in December 2021 with respondents from the UK, US, Germany, Netherlands, Nigeria, Switzerland, Vietnam, and the Philippines – countries that have some of the largest Bitcoin trading markets in the world.
GNY, which recently launched BTC Range Report providing what it claims are some of the most accurate current forecasts around Bitcoin volatility of any platform or service, further revealed that 15% of serious Bitcoin traders are aged 18 – 24, 29% are 25 to 34 and 37% are aged between 35 and 44. Just one in five (19%) are older than this. Nearly one in four (72%) are men and 28% are women.
Some 4% of those who trade over $1,000 a month in Bitcoin are students, 6% are unemployed, 13% work part-time, and 65% are in full time jobs. One in ten are self-employed and 1% say they are retired while 1% describe themselves as ‘homemakers.
In terms of the hours they spend trading Bitcoin on a weekly basis, 16% say they trade for less than five hours. Just over one in four (28%) trade for between five and 10 hours, and one three (33%) for between 10 and 20 hours. The remainder (23%) trade for longer than this, with 5% trading for over 40 hours a week.
When it comes to letting loved ones know about their trading, only 58% of serious Bitcoin traders say their partners know the value of their trades. Some 17% say their partners don’t know they trade at all, and 21% think they trade lower amounts. The remainder are unsure what their partners know about their trading.
Cosmas Wong, chief executive of GNY, said: “With the value of Bitcoin rising by 11% in 2021 and by 3000% over the past five years, it has attracted an army of serious traders that is growing rapidly in number. However, the cryptocurrency remains very volatile and huge gains and losses can be made quickly. Thankfully, there are more tools available to traders than ever before to help them understanding volatility and movements in the price of the cryptocurrency, enabling them to make more informed decisions.”
Written by: Mark Battersby
Originally published: February 02, 2022