Cryptocurrency News

Bitcoin investors more optimistic than ever despite 50% price crash: Survey



Despite bitcoin (B T c) and the broader cryptocurrency market is facing one of its worst crashes in recent memory, with investors clearly more optimistic than ever about the future fate of Bitcoin and many altcoins.

This is according to the results of the Q2 retail investment survey conducted by crypto firm Voyager Digital, which polled 3,671 high-frequency traders on the Voyager platform.

The survey findings showed that 81% of the respondents have more confidence in the future of cryptocurrency, even after violent price crash In April and May, in which bitcoin and others lost more than 50% of their value.

Many coins have improved significantly since then, although the market still remains uncertain. Despite this, 87% of the survey respondents said they plan to increase their crypto holdings in the next quarter – an increase of 80% of those who said the same in Q1.

Some 39% of respondents said they expect the price of bitcoin to fall to between $56,000 and $70,000 by the end of the third quarter of 2021, while 28% predicted a price of bitcoin between $41,000 and $55,000. The percentage of respondents who believed that bitcoin would reach a price of $71,000 was 18%, down from the previous survey’s figure of 20%.

Notably, more than nine out of 10 surveyed said they thought the United States Securities and Exchange Commission would eventually approve one. bitcoin etf – An exchange-traded fund that crypto proponents believe will boost the value of bitcoin by exposing it to institutional investment.

Respondents stated that the altcoins they were most optimistic of were Cardano (ada) turned out to be the most popular. Some 55% said they were optimistic on Cardano over any other altcoin, with Dogecoin (Doge) coming in second (11%), followed by chain link (link) (6%) and polka dot (dot) (6%).

Voyager Digital CEO Steve Ehrlich said it was encouraging to see continued confidence in the cryptocurrency market despite the recent crash. Ehrlich suggested that the survey results suggest that most investors view recent market declines as a buying opportunity, not one to come.

Ehrlich said, “The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency shows how people view May volatility in many crypto-assets as a buying opportunity. “

“Our findings suggest that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage than the previous survey we conducted in April,” he said.