A recent study by CryptoVantage estimated that 23% of US residents expect Bitcoin to rise to its all-time high price of nearly $70,000 by the end of 2023. 47% believe this will happen in the next five years.
Most of the respondents also believe that the high inflation that has recently spread around the world will make the cryptocurrency industry more attractive to investors.
Americans’ Latest Thoughts on Crypto
The survey, which asked 1,000 US residents who had bought some cryptocurrencies in the past, showed that 70% expect BTC to skyrocket again to roughly $70,000 in the next five years. By comparison, only 8% believe the leading digital asset will never rise to that level again.
BTC future price, Source: CryptoVantage
The entity behind the analysis highlighted the overall positive stance of respondents on bitcoin’s future valuation, noting that the next BTC halving is scheduled for spring 2024.
“Still, the fact that 78% of people in total believe that BTC will eventually set a new ATH is encouraging, as is the fact that only 8% believe that it will “never” equal or exceed $69,044. And in terms of what could help the cryptocurrency to regain previous levels, it should be noted that the next Bitcoin halving will take place at the end of April 2024.”
The event occurs every four years and halves the rewards for miners, thus ensuring that the speed of production of new BTC slows down. It is worth mentioning that the price of the main cryptocurrency has headed north after all the previous halvings.
Participants were also quite bullish on Ethereum (ETH), with 46% saying it has the best chance of overtaking bitcoin as the largest crypto asset in the future. 20.8% expect Dogecoin (DOGE) to trade BTC, while 7.8% believe BNB could pull it off.
At the same time, they expressed concern that the infamous market volatility could negatively affect the prices of digital currencies.
Inflation to push people towards cryptocurrencies
Most of those surveyed think that “global financial trends” such as runaway inflation, rising interest rates, and overall economic growth could play a key role in future cryptocurrency valuation.
Remember that the US Federal Reserve adopted an aggressive interest rate hike strategy shortly after the outbreak of the COVID-19 pandemic. Raising the benchmark has reduced investor interest in risky assets such as digital currencies.
Regarding inflation, 54% of the participants believe that it will generate additional enthusiasm towards the cryptocurrency sector. Argentina and Turkey are two examples where residents have embraced the asset class amid severe currency problems in their home countries.
Like CryptoPotato recently reported, high inflation and the devaluation of the Egyptian pound have caused some locals to seek alternative investment options such as cryptocurrencies. The country’s official currency has depreciated so much that the price of BTC measured in EGP recently hit an all-time high on exchanges like Binance and Changelly.
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This post 25% of Americans believe (poll)
was published first on https://cryptopotato.com/bitcoin-will-reach-its-ath-of-69000-this-year-25-of-americans-believe-survey/