TL;DR Breakdown
- More investors feel bullish on crypto
- Survey reveals SEC would approve Bitcoin ETF
Amidst the recent crisis the crypto market is reeling out from, investors are still bullish on crypto a recent survey reveals.
The survey, carried out by Voyager Digital, a cryptocurrency firm reveals that investors are more bullish on crypto now than ever about the future prospects of Bitcoin and other cryptos.
The Q2 retail investment survey by the cryptocurrency firm polled 3,671 high-frequency traders on the Voyager platform. 81 percent of the respondents expressed confidence in the future of cryptocurrency, even after the violent price crash in April and May, which saw Bitcoin and others lose more than 50% of their value.
After the violent crash back then, many coins have begun recovering, largely, the market remains uncertain. Investors are resilient amidst the uncertainty with 87 percent of the survey’s respondents saying they plan to increase their crypto holdings over the next quarter, an increase on the 80 percent who said the same in Q1.
39 percent of the respondents believe that Bitcoin price to have fallen between $56,000 and $70,000 by the end of Q3 2021, while 28 percent predicted a Bitcoin price between $41,000 and $55,000.
The percentage of respondents who believed Bitcoin would reach a price of $71,000 stood at 18 percent, down from the previous survey’s figure of 20 percent.
Other reveals from investors for crypto
Nine out of every 10 respondents answered that the SEC would eventually approve a Bitcoin ETF. Experts believe that a Bitcoin ETF would improve crypto value and expose it more to institutional investors.
Responded to also indicated they were most bullish on Cardano (ADA). 55 percent said they were bullish on ADA than other coins with DOGE with 11 percent respondents coming second.
It was followed by Chainlink’s LINK (6%) and Polkadot’s DOT (6%).
Voyager Digital CEO Steve Ehrlich said it was encouraging to see continued faith in the cryptocurrency market despite the recent crash.
