A recent study by CryptoVantage estimated that 23% of the US population expects the bitcoin price to rise to an all-time high of around $70,000 by the end of 2023. 47% believe this will happen in the next five years.
The majority of 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 cryptography
The survey, which surveyed 1,000 US residents who have purchased some cryptocurrency in the past, show up That 70% expect BTC to return to close to $70,000 in the next five years. In comparison, only 8% believe that a leading digital asset will never rise to this level again.
The entity behind the analysis highlighted the overall positive attitude of respondents regarding the future valuation of bitcoin, stating that the next halving for bitcoin will be in the spring of 2024.
“However, the fact that 78% of people believe BTC will eventually set up a new ATH is encouraging, as is the fact that only 8% believe it will ‘never equal’ or exceed $69,044. As for what might help the cryptocurrency regain previous levels, it is worth noting that the next Bitcoin halving is scheduled to take place by the end of April 2024.”
This event occurs every four years and halves the prizes awarded to miners, thus ensuring that the speed of production of new BTC slows down. Notably, the price of the major cryptocurrency has headed north after all the previous halvings.
Respondents were also very 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 flip BTC, while 7.8% believe BNB can do so.
At the same time, they expressed their concerns that the notorious volatility in the market could negatively affect the prices of digital currencies.
Inflation is driving people towards cryptocurrencies
Most respondents believe that “global financial trends,” such as accelerating inflation, rising interest rates, and general economic growth, can play a major role in the future valuation of cryptocurrencies.
Remember, the US Federal Reserve adopted an aggressive strategy of raising interest rates shortly after the outbreak of the COVID-19 pandemic. The rise in the benchmark has reduced investor interest in riskier assets, such as cryptocurrencies.
Regarding inflation, 54% of respondents believe that it will generate additional enthusiasm for the cryptocurrency sector. Argentina and Turkey are two examples where residents have embraced the asset class amid acute monetary problems in their home countries.
like Potato encryption newly mentionedHigh inflation and the depreciation of the Egyptian pound has prompted some residents to look for alternative investment options such as cryptocurrencies. The value of the country’s official currency has fallen so much that the price of BTC, measured in Egyptian pounds, recently hit an all-time high on exchanges like Binance and Changelly.
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