The British Virgin Islands’ institutional mining platform, Genesis Mining, has released the results of a survey of 1,000 current and former bitcoin investors in the United States, two-thirds of whom believe BTC is a better long-term value than the dollar.

More than half of respondents believed that Bitcoin would overtake gold, real estate and the stock market within 5-10 years, with 65% saying they believed Bitcoin’s value would rise over time.

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Despite the seemingly positive sentiment, only 17% of respondents predicted that the bitcoin price will exceed $ 50,000 by 2030. This will only require a 160% price increase over the next 10 years, while BTC is already up 166.5% in 2020., so far.

Another 17% predicted that the bitcoin price would actually decline over the next decade, while one-sixth of respondents did not feel confident speculating in bitcoin price calculations over the long term.

In total, 50.1% of respondents estimated that BTC would be worth $ 20,000 or less by 2030, a third predicted that the price would be $ 10,000 or less, and 11.8% expected prices under $ 1,001.

Nearly a third of respondents who expected recession or downward dynamics in 10 years expected bitcoins to be hampered by the rules, while a fifth expected direct government bans on the cryptocurrency.

Around 17% of non-optimistic respondents expected that another cryptocurrency or central bank-issued digital currency would gain a dominant market share and replace BTC, while 16% expected Bitcoin’s historical meteoric hype cycles to subside over time. Nearly 10% of respondents do not believe Bitcoin will have a practical use case in the future.

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At the bullish end of the spectrum, one-tenth of Bitcoin will be worth ten times the value of six or more numbers in ten years, and half of them expect the price to exceed $ 500,000.

Nearly 30% of optimistic respondents believe that the adoption of Bitcoin will be driven by declining confidence in fiat currencies, with 25.8% expecting a “severe economic depression” to spread widely. More than half of respondents believe that “Bitcoin adoption has a lot of room for growth” regardless of any political forces outside the cryptocurrency.

Who was interviewed?
A good mix of investors participated in the survey: a quarter of them invested more than half of their wealth in virtual currency investments, a quarter from 10% to 50%, another quarter from 1% to 10% in cryptocurrencies, and a quarter from 10% to 50%. And a quarter from 1% to 10%. The rest have 1% or less of their wealth in virtual currency.

A recent survey by fund manager Grayscale Investments found that the COVID-19 pandemic has had a positive effect on Bitcoin’s sentiment, with 39% of respondents describing BTC as “more attractive” in the face of the pandemic.

Last month, a poll of 700 wealthy people published by the deVere group showed that 73% of millionaires already own or plan to invest in cryptocurrencies by 2023.

Source: CoinTelegraph

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