Infographic: How A Global Great Depression Could Lead Cryptocurrency Prices Sky High
A recent survey by CryptoVantage among 1,000 Americans reveals that many trust in Bitcoin’s capability to arrive at its previous all-time high (ATH) of $69,044 within the next five years. Specifically, 70% of those participants thought so, with 23% convinced it would occur within one year. In contrast, a meager 9% stated they believed the cryptocurrency would never achieve its ATH again. Although the digital currency lately experienced significant market turbulence, this outlook mirrors the residuary faith in Bitcoin’s eventual potential.
The survey also inferred the extent to which inflation is encompassed by crypto investments. Most notably, 54% suggested it would cause more people to invest in cryptocurrencies. As nations grapple to keep inflation from rising beyond a 5% threshold, Bitcoin’s standing as a value storage and fortification from rising purchasing rates stands vigorous. Intriguingly, when asked regarding the other currencies likely overtaking Bitcoin, 46% choose Ethereum (ETH) as the strongest most suspect. This expresses the development of Ethereum in attempt to be the market leader againstBitcoin. Subsequently, Dogecoin (DOGE) came in second at 21%.
Interestingly, only 21% of the individuals assumed US SEC’s actions taken against noteworthy exchanges such as Coinbase and Binance have a sideways effect on cryptocurrency future values. This implies that many do not deem control challenges a fatal threat to the digital currency market.
Notably, when exploring the elements that impacted cryptocurrency values, the quantitative analysis divulges that 67% believe it is balanced by the supply and demand, also 58% was convinced worldwide financial patterns and trends such as inflation rates, economic increases, as well as interest rates are strong contributing forces. Moreover, particular categories, including regulatory & policy decisions, political dialog, news & media coverage, technological flare-ups, as well as technical investigations complete the standings.
37% of participants foresaw that cryptocurrency values would be axiomatically higher after five years, but, a larger segment of 38% predicted values that stay in between the same or increased. Coupled with 54% of individuals being lent on to invest bigger should the market go beyond 25%, signals a possible rise in investments amidst regulatory initiatives create ambivalence among 43%. Conclusively, this survey illustrates that speculators’ reliance has indeed thinned, considering recent episodes such as market turbulences and SEC prosecutions.
