BitcoinIRA, a self-directed individual retirement account (IRA) platform, conducted a survey on investor sentiment towards cryptocurrencies and found that despite the recent downturn in the price of bitcoin (BTC), investors remain bullish on crypto.
Investors still bullish on crypto
The survey was conducted in February 2023 and it had 445 respondents.
The respondents were asked about their sentiment toward bitcoin (BTC) and other cryptocurrencies. 69% of respondents selected bitcoin as their top crypto choice while ethereum (ETH) was the most requested altcoin for crypto investment.
The survey also revealed that 59% of respondents believe that prices will increase.
Moreover, 43% of respondents plan to diversify their portfolio, and those who intend to catch up on retirement represented 36%. In addition, 25% are concerned social security may run out while 23% plan to avoid Inflation, among other reasons.
“Crypto investors continue to see digital assets as a key instrument in retirement portfolio diversification, as well as a hedge against inflation and mounting concerns about social security.”
Chris Kline, CEO of BitcoinIRA.
Despite the turmoil that cryptocurrencies have experienced this year, investors remain highly optimistic about digital assets.
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With an increasing number of investors planning to up their investment in cryptocurrencies, it is likely that the crypto market will continue to grow and mature.
Over the past few years, we have seen a significant increase in crypto adoption. However, one of the major obstacles to mainstream crypto adoption has been the lack of amenable regulation across various jurisdictions.
However, this is starting to change slowly, as governments around the world are beginning to recognize the importance of crypto regulation.
Despite the challenges and regulatory uncertainties in the cryptospace, adoption is expected to continue to grow, especially as more entities become aware of the potential benefits of these digital assets and governments around the world continue to implement clear and comprehensive regulations.
Read more: Crypto traders and investors in the US unperturbed by volatility research shows
