TL;DR Breakdown
- Some UK investors feel they’ve missed the Bitcoin boat.
- About 25 percent of 2,000 investors surveyed said they would have made over $1.4 million from Bitcoin in 2020.
The largest cryptocurrency, Bitcoin (BTC), has seen a significant surge in market value over the past year, and some UK investors don’t plan to invest in the cryptocurrency because they think they already missed the Bitcoin boat. This was learned from a recent independent survey dubbed “The Great Cryptocurrency Report” by the Parliament Street think tank.
About 2,000 investors in the United Kingdom were surveyed to understand their plans for saving and investing for the coming years.
UK investors said they missed the Bitcoin boat
Thirty percent of the UK investors maintained that they wouldn’t invest in Bitcoin because they think they’ve already ‘missed the boat.’ Notably, the leading cryptocurrency posted a more than 600 percent gain over the past year. Another group of the respondents (25 percent) said they would have made over £1 million ($1.4 million) profit if they invested all their assets in Bitcoin last year.
However, about 31 percent of the UK investors still believe Bitcoin will reach £50,000 ($70,000) later this year, while 18 percent expect a £100,000-priced Bitcoin.
The Tesla effect
The recent rally in Bitcoin was mostly triggered by the news of prominent corporate and institutional buys. For instance, the price of the cryptocurrency quickly surged to about $43,000 after Tesla announced their Bitcoin position. Per the survey report, about 24 percent of the UK investors gained more confidence in the cryptocurrency amid Tesla’s announcement, while 29 percent said they wouldn’t have invested in Bitcoin if not for that rally.
Meanwhile, the majority of respondents maintained that they do not have any intention to invest in Bitcoin this year. Most of them would rather invest in traditional assets like stocks, gold, and shares.
