The bulk of the respondents surveyed by hashpower provider Genesis Mining continue to be bullish on Bitcoin (BTC) ‘s long-term future, listing their understanding for considering Bitcoin adoption capability and security last price rise. Also, nearly 20% of the participants said they’re bearish on BTC’s value, and these bears have their reasons too, the biggest of which is, you guessed it, regulation.
The vendor surveyed 1,000 bitcoin investors on the coin’s future.
Percentage of profits invested in BTC or other cryptoasset
Whereas 17% of those responded ‘I don’t know‘ when questioned about bitcoin’s future price-wise, 66% of bitcoin investors continued bullish, saying that the price will proceed to rise on a long-term trajectory. There are numerous speculations why they think this is the case, declared in the result:
- Bitcoin adoption has much room for growth (43.2% of the respondents);
- Declining trust in alternative currencies, including but not limited to the USD (29.9%);
- A surge in Bitcoin investment sparked by major economic depression (25.8%);
- Including the security advantages of blockchain technology;
- The economy’s general course towards digital currency;
- A developing slate of decentralized finance;
- And Bitcoin’s history: in 2013, BTC 1 was worth some USD 13.50, while at the time of writing the report, it was USD 17,000.
As the report stated,
“Only 17.3% of respondents described themselves as “bearish” on bitcoin’s value as a long-term investment.”
These respondents consider that the price will either drop or remain dormant in the next ten years. Their speculations include:
- The danger of regulation (32.4%);
- Government-issued bans on the use of Bitcoin and maybe other cryptos too (20.6%)
- BTC being displaced by another cryptocurrency, perhaps a government-issued one (17.6%)
- Waning hype (16.2%);
- Lack of feasibility (9.6%);
- Including substantial value, fluctuations may result in the belief “that legacy financial investments will always reign supreme.”
This bullish vs. bearish position on BTC is also observed in the survey’s question on where the respondents know the world’s No1 coin in a decade from now.
According to Genesis Mining,
“No question produced greater, more evenly-split division than that of where Bitcoin’s price will be by 2030.”
11.3% said that bitcoin’s value would drop under USD 1,000 in the next decade, another 10% see it between USD 1,000 and USD 5,000, while 12.3% think it won’t go beyond USD 10,000 – still below than its current price.
While 16% think it may touch USD 20,000 – but will ordinarily stay in the range where it currently lies – 31.6% think it might rise between USD 20,000 and USD 50,000. A combined 13.8% believe bitcoin will be worth between USD 50,000 and USD 500,000 by 2030, on top of which only 4.8% think it might surpass half a million.
Among other conclusions, Genesis Mining’s survey emphasized that:
- 66% of respondents stated that they believe bitcoin to be a better long-term investment than those tied to the US dollar;
- 52% of them said they believe bitcoin to be a better investment than real estate in the next 5-10 years;
- 57% said bitcoin is the better long-term investment than gold for the next 5-10 years;
- 54.5% said the same but in comparison with stocks.
To conclude, the survey only lead to one thing. And it’s about Bitcoin’s future is “we don’t know.”
As history has revealed, these things are unlikely to be predicted, but most of this survey’s respondents, who are then crypto investors, are predictably speculating on bitcoin.
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