Bitcoin Investors Are More Optimistic Than Ever Despite 50% Price Drop: Survey

Despite the fact that Bitcoin (BTC) and the cryptocurrency market in general experienced one of their worst dips in recent memory, investors are apparently more optimistic than ever regarding the future fortunes of Bitcoin and a host of altcoins.

That’s according to the results of a second-quarter retail investment survey by crypto firm Voyager Digital, which surveyed 3,671 high-frequency carriers on the Voyager platform.

The survey findings revealed that 81% of respondents are more confident in the future of cryptocurrencies, even after the violent price. shock in April and May, in which Bitcoin and others lost more than 50% of their value.

Since then, many currencies have recovered significantly, although the market remains uncertain. Despite this, 87% of respondents said they plan to increase their cryptocurrency holdings during the next quarter, an increase from 80% that said the same in the first quarter.

About 39% of those surveyed said they expected the price of Bitcoin to have fallen between $ 56,000 and $ 70,000 by the end of the third quarter of 2021, while 28% predicted a price of Bitcoin between $ 41,000 and $ 55,000. The percentage of respondents who believed that Bitcoin would reach a price of $ 71,000 stood at 18%, down from the 20% figure in the previous survey.

Notably, more than nine in 10 of those surveyed said they thought the U.S. Securities and Exchange Commission would eventually approve a Bitcoin ETF, an exchange-traded fund that crypto advocates believe will increase the value of Bitcoin by exposing it to institutional investments.

Among the altcoins that respondents said they were most bullish on, Cardano (ADA) turned out to be the most popular. Around 55% said they were bullish on Cardano above any other altcoin, with Dogecoin (DOGE) in second place (11%), followed by LINK from Chainlink (6%) and DOT from Polkadot (6%).

Voyager Digital CEO Steve Ehrlich said it was encouraging to see continued faith in the cryptocurrency market despite the recent slump. Ehrlich suggested that the survey results indicate that most investors view the recent market crash as a buying opportunity rather than a harbinger of the worst to come.

“The fact that the vast majority of our large sample of investors are more confident in the future of cryptocurrency shows how people view May’s volatility in many crypto assets as a buying opportunity,” Ehrlich said.

“Our findings show that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage compared to the last survey we conducted in April,” he added.