Genesis Mining Survey – Majority of Investors Believe Bitcoin to Trade Below $50K by 2030
Genesis Mining, which offers crypto mining facilities for institutions, has release a report prepared from survey of 1,000 US based current and ex-investors of Bitcoin. The report indicates that two-thirds of survey participants trust that Bitcoin is a dependable store of value in the long-term, compared with the greenback.
Over 50% of poll participants trust that Bitcoin will surpass gold, stock market and real estate in the next 5-10 years, with 65% voicing confidence that Bitcoin’s market value will increase over the passage of time.
Nonetheless, In spite of the supposedly bullish view, only 17% of poll participants forecast Bitcoin’s price to surpass $50,000 at the end of 2030. The forecast price translates to a mere 160% appreciation in the forthcoming decade. Notably, Bitcoin has already appreciated 166.5% in the year-to-date.
Another 17% forecast that Bitcoin’s valuation would in reality decline in the coming decade. Almost one-sixth of surveyed people felt uncomfortable in forecasting Bitcoin’s long-term value.
Overall, 50.1% of survey participants assessed that Bitcoin will be trading at or below $20,000 by 2030, while one-third forecast the value of Bitcoin to be $10,000 or lower. Interestingly, 11.8% believe that Bitcoin will plummet below $1,001 by 2030.
Nearly one-third of people who gave their opinion forecast an inactive or weak performance over the next 10-years on the basis of assumption that Bitcoin will face a lot of interference from regulatory organizations. One-fifth of survey participants expect blanket ban on cryptos from governments.
Almost 17% of survey participants who are not bullish about Bitcoin anticipate another crypto or for that matter a CBDC (Central Bank Digital Currency) to grab a huge market share and eclipse Bitcoin (BTC).
16% forecast Bitcoin’s past swift surge cycles will fade in the years ahead. Roughly 10% pessimistic poll participants trust “there is going to be a practical use case” for Bitcoin in the years ahead. On the bullish side of the range, one-tenth expects Bitcoin to appreciate and reach six figure price levels in a matter of 10 years, with 50% anticipating the price to hit $500,000.
Approximately 30% of poll participants, having a bullish view of Bitcoin, trust that mass adoption of the numero uno crypto will be led by falling confidence on fiat currencies, with 25.8% forecasting that “a major economic depression” will trigger broad-based adoption. Over 50% of poll participants trust “Bitcoin adoption has much room for growth” irrespective of any kind of political influence on the crypto sector.
The poll had an impressive combo of investors, with 25% setting over 50% of their wealth to digital asset investments, 25% had virtual currency exposure in the range of 10% to 50%, another 25% had in the range of 1% to 10% in cryptocurrency. The remaining had invested only 1% or below of their overall wealth in cryptocurrencies.
A poll conducted recently by fund manager Grayscale Investment identified that the coronavirus infections had a positive effect on the public view of Bitcoin, with 39% of poll participants calling Bitcoin as “more appealing” against the backdrop of pandemic.
In November, a poll of 700 high-net-worth individuals release by deVere Group identified that 73% of millionaires already possess or intend to purchase cryptocurrencies by 2023.