A recent survey conducted by CryptoVantage reveals that the majority of Americans are optimistic about the future of Bitcoin, with 70% believing that it will return to its all-time high in the next five years.
The survey, which exclusively targeted US residents who have bought cryptocurrency within the last five years, provides valuable insights into public sentiment and expectations for the future prices in the market.
Bitcoin’s resurgence and alternative coins
23% of respondents expect Bitcoin to return to all-time highs within the next year, however a greater majority of 47% believe this will happen within the next five. On the flip side, 9% of respondents believe it will never achieve this high again.
When asked if another coin had the potential to surpass Bitcoin, 46% selected Ethereum (ETH) as a top contender. The next spot went to Dogecoin (DOGE) at 21%. Some responses were mixed, however, with 16% saying no altcoins would achieve this feat in the future.
Global financial trends influencing crypto prices the most
The survey from CryptoVantage also asked respondents what they felt were the major factors that might impact the price of crypto. Top responses were:
- Supply and demand (67%)
- Inflation/economic growth (58%)
- Volatility and market crashes (43%)
Recent events such as the SEC suing Binance and Coinbase only led to 20% of respondents thinking this might have a negative impact on crypto’s future value, alongside 18% for the FTX collapse and nearly another 18% for lack of mainstream adoption.
Data collected via an online Pollfish survey of 1,000 American residents (16+) who had purchased cryptocurrency in the last five years. Conducted between June 20 to 21, 2023. Estimated margin of error: +/- 3%.
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