A recent study conducted by CryptoVantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of almost $70,000 by the end of 2023. 47% think this would happen in the next five years.
The majority of respondents also believe the high inflation that has recently spread across the globe will make the cryptocurrency industry more attractive to investors.
Americans’ Latest Thoughts on Crypto
The survey, which questioned 1,000 US residents who had purchased some cryptocurrencies in the past, showed that 70% expect BTC to shoot back to approximately $70K in the next five years. In comparison, only 8% believe the leading digital asset will never climb to that level again.
The entity behind the analysis highlighted the overall positive stance of the respondents on bitcoin’s future valuation, reminding that the next BTC halving is due in the spring of 2024.
“Still, the fact that 78% of people in total believe that BTC will eventually set a new ATH is heartening, as is the fact that only 8% believe it will “never” equal or top $69,044. And in terms of what might help the cryptocurrency regain former levels, it should be noted that the next Bitcoin halving is due to take place by the end of April 2024.”
The event happens every four years and reduces the awards for miners in half, thus ensuring that the speed of production of new BTC slows down. It is worth mentioning that the price of the primary cryptocurrency has headed north following all previous halvings.
ADVERTISEMENT
The participants were also quite bullish on Ethereum (ETH), with 46% saying it has the best chance of surpassing bitcoin as the biggest crypto asset in the future. 20.8% expect Dogecoin (DOGE) to flip BTC, while 7.8% believe BNB could achieve that.
At the same time, they expressed concerns that the infamous volatility in the market could negatively impact the prices of digital currencies.
Inflation to Push People Toward Crypto
Most survey respondents think that “global financial trends,” such as the galloping inflation, rising interest rates, and the overall economic growth, could play a key role in the future valuation of cryptocurrencies.
Recall that the US Federal Reserve adopted an aggressive interest rate hike strategy shortly after the outbreak of the COVID-19 pandemic. Lifting the benchmark has reduced investor interest in risk-on assets, such as digital currencies.
Regarding inflation, 54% of the participants believe it will trigger additional enthusiasm toward the crypto sector. Argentina and Turkey are two examples where residents have embraced the asset class amid the severe monetary problems in their homelands.
As CryptoPotato recently reported, the high inflation and the devaluation of the Egyptian pound have caused some locals to seek alternative investment options like cryptocurrencies. The country’s official currency has depreciated so much that the price of BTC measured in EGP recently tapped an all-time high on exchanges like Binance and Changelly.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.