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A recent study by Cryptovantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of around $70,000 by the end of 2023. 47% think it will happen in the next five years.
A majority of respondents also believe that the recent high inflation across the globe will make the cryptocurrency industry more attractive to investors.
Americans’ Latest Thoughts on Crypto
The survey asked 1,000 US residents who had purchased some cryptocurrency in the past. Has shown 70% expect BTC to reach around $70,000 in the next five years. In comparison, only 8% believe the leading digital asset will never reach that level again.
The entity behind the analysis highlighted respondents’ overall positive outlook on bitcoin’s future valuation, reminding them that the next BTC halving is due in the spring of 2024.
“Still, the fact that 78% overall believe BTC will eventually establish a new ATH is encouraging, as is the fact that only 8% believe it will “never” equal or top $69,044. And in terms of what could help the cryptocurrency regain prior levels, it should be noted that the next bitcoin infusion is due by the end of April 2024.
This event takes place every four years and halves the rewards for miners, ensuring that the production of new BTC slows down. It is noteworthy that the price of the primary cryptocurrency has moved north after all previous halvings.
Participants were also quite bullish on Ethereum (ETH), with 46% saying it has the best chances to overtake bitcoin as the largest crypto asset in the future. 20.8% expect Dogecoin (DOGE) to reverse BTC, while 7.8% believe BNB can achieve this.
Also, he expressed concern that the notorious volatility in the market could negatively impact the prices of digital currencies.
Inflation Is Pushing People To Crypto
A majority of survey respondents believe that “global financial trends”, such as rapidly rising inflation, rising interest rates and overall economic growth, could play a significant role in the future valuation of cryptocurrencies.
Recall that the US Federal Reserve adopted an aggressive interest rate hike strategy soon after the outbreak of the COVID-19 pandemic. The lifting of the benchmark has reduced investor interest in riskier assets such as digital currencies.
In regards to inflation, 54% of the participants believe that it will generate additional enthusiasm towards the crypto sector. Argentina and Turkey are two examples where residents have embraced the asset class amid severe monetary problems in their countries.
As crypto potato recently informed ofHigh inflation and the devaluation of the Egyptian pound has prompted some locals to seek alternative investment options such as cryptocurrencies. The country’s official currency has become so devalued that the price of BTC, measured in EGP, has recently reached all-time highs on exchanges such as Binance and Changelly.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
A recent study by Cryptovantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of around $70,000 by the end of 2023. 47% think it will happen in the next five years.
A majority of respondents also believe that the recent high inflation across the globe will make the cryptocurrency industry more attractive to investors.
Americans’ Latest Thoughts on Crypto
The survey asked 1,000 US residents who had purchased some cryptocurrency in the past. Has shown 70% expect BTC to reach around $70,000 in the next five years. In comparison, only 8% believe the leading digital asset will never reach that level again.
The entity behind the analysis highlighted respondents’ overall positive outlook on bitcoin’s future valuation, reminding them that the next BTC halving is due in the spring of 2024.
“Still, the fact that 78% overall believe BTC will eventually establish a new ATH is encouraging, as is the fact that only 8% believe it will “never” equal or top $69,044. And in terms of what could help the cryptocurrency regain prior levels, it should be noted that the next bitcoin infusion is due by the end of April 2024.
This event takes place every four years and halves the rewards for miners, ensuring that the production of new BTC slows down. It is noteworthy that the price of the primary cryptocurrency has moved north after all previous halvings.
Participants were also quite bullish on Ethereum (ETH), with 46% saying it has the best chances to overtake bitcoin as the largest crypto asset in the future. 20.8% expect Dogecoin (DOGE) to reverse BTC, while 7.8% believe BNB can achieve this.
Also, he expressed concern that the notorious volatility in the market could negatively impact the prices of digital currencies.
Inflation Is Pushing People To Crypto
A majority of survey respondents believe that “global financial trends”, such as rapidly rising inflation, rising interest rates and overall economic growth, could play a significant role in the future valuation of cryptocurrencies.
Recall that the US Federal Reserve adopted an aggressive interest rate hike strategy soon after the outbreak of the COVID-19 pandemic. The lifting of the benchmark has reduced investor interest in riskier assets such as digital currencies.
In regards to inflation, 54% of the participants believe that it will generate additional enthusiasm towards the crypto sector. Argentina and Turkey are two examples where residents have embraced the asset class amid severe monetary problems in their countries.
As crypto potato recently informed ofHigh inflation and the devaluation of the Egyptian pound has prompted some locals to seek alternative investment options such as cryptocurrencies. The country’s official currency has become so devalued that the price of BTC, measured in EGP, has recently reached all-time highs on exchanges such as Binance and Changelly.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
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