Despite the recent 50% market decline, investors are still bullish on Bitcoin and other cryptocurrencies, according to a survey.
Given the wild price swings of the cryptocurrency and the controversy surrounding its polluting energy consumption, Bitcoin investor Tim Draper is sticking to his prediction that Bitcoin will hit $ 250,000 by late 2022 or early 2023.
Withdrawal of coins
Although the market remains uncertain, many coins have rallied significantly. Even so, 87 percent of respondents said they wanted to increase their crypto holdings in the coming quarter, up from 80 percent in the previous quarter. By the end of the third quarter of 2021, 39% of respondents said the price of Bitcoin would fall between $ 56,000 and $ 70,000, while 28% were forecasting a price between $ 41,000 and $ 55,000.
The percentage of people who thought Bitcoin will hit $ 71,000 was 18 percent, up from 20% in the previous survey. Notably, more than nine in ten respondents believe the U.S. Securities and Exchange Commission would eventually approve a Bitcoin ETF, an exchange-traded fund that proponents say will add value to Bitcoin by exposing institutional investments becomes.
Cardano (ADA) was the most popular altcoin among respondents who said they were the most optimistic. Cardano (ADA) was voted the most optimistic altcoin by 55 percent of respondents, followed by Dogecoin (DOGE) (11%) and Chainlink (LINK) (6%). Polkadot (DOT) was voted the least bullish altcoin by 6 percent of respondents (6 percent).
Despite the fact that Bitcoin (BTC) and the broader cryptocurrency market have seen one of the biggest slumps in the recent past, investors seem more optimistic than ever about Bitcoin and a number of altcoins’ future prospects.
According to a survey of 3,671 high-frequency traders on the Voyager platform, conducted by crypto company Voyager Digital in the second quarter of this year. Despite the sharp drop in prices in April and May, when Bitcoin and other cryptocurrencies lost more than half of their value, the survey showed that 81 percent of respondents are more optimistic about the future of cryptocurrency.
Steve Ehrlich, CEO of Voyager Digital, said that according to our results, 87 percent of investors plan to increase their crypto holdings in the coming quarter, a significantly higher rate than in the last survey we conducted in April.