More Americans Hold Bitcoin Than Gold, According to US Broker River

Nearly 50 million Americans hold Bitcoin, versus 37 million who possess gold. While this feeds into the argument that gold is replacing Bitcoin as a haven, the report does not mention the dollar value of these investments. 

Gold's historical allure

Gold’s reputation as a safe store of value dates to the ancient civilizations of Greece and Egypt. Global events such as the inflationary period in the 1970s, the 2008 financial crisis and the COVID-19 pandemic reinforced its haven status. Meanwhile, its shiny allure continues to impress those who wield political power in contemporary politics, including in today’s White House.

River’s report makes a bold claim, therefore, that the role of the precious metal throughout history has been grabbed by a young digital asset with no practical applications, unlike gold, which is used in sectors such as electronics, dentistry and luxury consumer products.

American dream

It’s a claim that dozens of crypto-focused corporate and media news streams have picked up in recent days, without commenting on the potential advantages of the theme for the company behind the report.

River tied Bitcoin adoption into the American dream and the country’s pioneering history. Launching the report on the social media platform X, the company said:

 “America’s story began with sound money. Hard-working Americans saved their wealth in gold-backed money. Today, Bitcoin carries that torch forward.”

The report includes a summary of pro-crypto federal legislation and a listing of the 36 states that either have pro-Bitcoin legislation or have it under development.

As a brokerage and provider of other Bitcoin-related services, River operates only in the US across all but two states, according to its website. 

The report also found that Americans own about 40% of all Bitcoins, compared with owning 32% of the world’s total wealth. The US government holds 66% of the total known holdings of governments worldwide, it said.