A survey was carried out by Genesis Mining, an institutional mining platform based in the British Virgin Islands, on 1,000 Bitcoin investors, present and past, based in the US.
The aim was to determine how well the coin will perform in the next decade. 2 out of 3 financiers believe that the cryptocurrency is a better form than the US Dollar to store finances over a long period.
The Survey consisted of individuals who have invested more than 50%, less than half to less than 1% of their wealth in non-fiat options. Another survey by Grayscale Investments discovered that the COVID-19 pandemic encouraged more people to invest in Bitcoin. According to another finance group, about 7 of 10 millionaires have invested or plan to invest in crypto by 2023.
The published results show that over 50% trust Bitcoin to overtake gold, real estate investments, and the stock market cap over the next ten years, and more than 60% forecast the BTC’s value to go nowhere but up as time goes on.
With these impressive opinions on the virtual currency, only 17% predict the coin’s price will go beyond the 50,000 dollar mark by 2030. With Bitcoin’s impressive increase in value in 2020, with about 167% gains, the coin price would need to go up by 160% to reach that value.
1 in 2 participants in the exercise thought that Bitcoin would be at or below 20,000 dollars while a third estimate half that amount or less. However, the remaining 12% calculated a fall below 1,000USD.
Less than 20% of participants, who do not buy into the crypto coin’s bullish outcome, estimate that another virtual currency would soon take over the coin’s dominance. Another 16% said the bitcoin will be naturally devalued in the coming years.
Up to 30% of people believe the bullish trend is a feasible forecast for Bitcoin because of the decrease in hard currencies’ confidence. The majority believe that a major economic recession will influence the masses to invest more in the dominating coin. One out of ten in this group trust the Bitcoin to go over 500,000 US Dollars.
