Almost 90% Respondents Interested in their Insurance Products Having Links with BTC: Survey
About 46 million Americans now own Bitcoin, representing about 17% of the population over the age of 18, according to an NYDIG survey. Still, the majority, 53%, don’t own crypto assets, but 55% said that they would consider adding digital assets to their investment portfolio. Another survey of 1,000 Americans by MagnifyMoney, a LendingTree division, found that 62% of crypto investors believe they'll get rich. The total cryptocurrency market cap has grown from $125 billion in March 2020 to more than $2.5 trillion. A similar survey by Stone Ridge’s subsidiary New York Digital Investment Group from January stated that 80% of Bitcoin holders want to move their BTC to the bank. 71% are willing to switch their primary bank to the one that offers them Bitcoin-related products. Conducted by Survey Monkey on March 22, a national sample of 1,050 US consumers with an annual income of at least $50k revealed that some of these crypto investors are looking to integrate the cryptocurrency into their personal financial plans, first reported Newsweek. The survey findings say that respondents wanted to learn more about Bitcoin annuities and life insurance. About half of the respondents said they want to receive some or all of their insurance benefits in BTC, while nearly 90% said they had some interest in annuity or insurance products with indirect links to BTC. Furthermore, while 43% find it acceptable that their insurance carrier invested less than 2% of cash in Bitcoin, 42% also said they might be okay with it, with only 15% saying they didn’t like the idea. “The finance industry is taking crypto mainstream by building Bitcoin into their insurance, banking, & investment products,” noted Michael Saylor, CEO of MicroStrategy. NYDIG, which recently tapped the CFO of the world’s largest hedge fund Bridgewater Associates as its chief financial officer, has raised millions of dollars from insurance giants like New York Life and MassMutual. Return-hungry insurance companies have actually been buying bitcoin for their general accounts through the firm with interest rates hovering near zero and a depreciating dollar making bitcoin appear more attractive, said Ross Stevens, the founder and executive chairman of NYDIG, in December.
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