A recent survey conducted by CryptoVantage revealed that the majority of Americans are optimistic about Bitcoin’s future and believe it will return to its all-time high price of nearly $70,000. The survey questioned 1,000 US residents who had invested in cryptocurrencies, shedding light on their price predictions, expectations, and factors influencing their investment decisions. With concerns about inflation looming large, the survey offers valuable insights into the motivations behind the growing interest in cryptocurrencies.
According to the survey, 70% of US residents believe that Bitcoin will climb back to its all-time high within the next five years. Interestingly, 47% of the respondents expect this price surge to occur in the next five years, while 23% are even more optimistic, anticipating it to happen by the end of 2023. This positive outlook is further emphasized by the fact that only 9% of respondents believe that Bitcoin will never reach its previous all-time high.
The survey also explored the possibility of altcoins overtaking Bitcoin in terms of market cap and value. Ethereum emerged as the top contender in this regard, with 46% of respondents believing it has the best chance of surpassing Bitcoin. Dogecoin came in second with 21% of the votes. However, it’s worth noting that 16% of respondents remained uncertain and voted for “none of the above,” indicating that opinions are divided on which altcoins will succeed in the future.
The survey delved into the factors influencing cryptocurrency prices, and “supply and demand” emerged as the most commonly cited factor, with 67% of respondents pointing to it. This highlights the significance of limited supply in attracting investments to cryptocurrencies. Bitcoin’s capped supply of 21 million coins contributes to its appeal as a store of value.
“Global financial trends” ranked second, with 58% of respondents believing that inflation, interest rates, and economic growth play a vital role in shaping crypto prices. The ongoing concerns about inflation in the US and other countries seem to be driving people towards cryptocurrencies as a hedge against rising consumer prices.
In the survey, 42% of participants identified “technological advancements” as a major factor impacting cryptocurrency prices, placing it in second place behind “supply and demand.” While Bitcoin hasn’t seen significant technological updates since its inception, other cryptocurrencies, like Ethereum, have shown that advancements can positively influence their prices. Ethereum’s transition to a staking-based consensus system in September 2022 significantly impacted its energy consumption and price.
The survey revealed that 37% of respondents expect cryptocurrency prices to be “much higher” than they are now in the next five years. Another 38% predicted prices to be “between the same as now and much higher,” indicating a positive sentiment towards the market’s future. Interestingly, respondents with higher annual incomes were more optimistic about the market’s growth, with 56% of those earning $150,000 or more predicting significantly higher prices.
Source: https://azcoinnews.com/survey-reveals-70-of-americans-expect-bitcoin-to-reach-all-time-high-by-2028.html