A recent survey was conducted of investors in the United Kingdom, which revealed that a number of them regret not making an investment in Bitcoin earlier. As of now, a lot of people think that it has become too late for jumping on the crypto train. This was determined from The Great Cryptocurrency Report and around 2,000 consumers in the UK discussed their investment plans amidst economic uncertainty in 2021. The research revealed that 30% of these consumers were not willing to invest in Bitcoin or any other cryptocurrency because they believed it was too late to invest.
One-third of the survey respondents revealed that they were expecting Bitcoin’s price to go even higher this year and believed it would reach £50,000, which is around $70,000. 18% of the survey respondents predicted that the valuation of the cryptocurrency would reach £100,000 by the end of the year. It was disclosed by 29% of the respondents that they wouldn’t have considered making any investment in cryptocurrency, if not for the recent bull-run of Bitcoin. The research also included 40% of the respondents who believed that traditional assets, such as shares and stocks, were too risky for currently investing in them due to the economic downturn brought about by the coronavirus.
However, it appears that the cryptocurrency market has benefitted from the pandemic because it is disassociated with the fiat systems of currency. But, there were also 55% of respondents of the survey who said that they were not planning on investing in cryptocurrency this year. A similar number of people said that they were more inclined towards investing money into traditional assets, like equities and gold. Investors are being attracted towards Bitcoin because of the increase in the cryptocurrency’s valuation, with many people considering buying the leading cryptocurrency due to Tesla’s involvement.
Last month, cryptocurrency trading increased rapidly and reached new heights thanks to the $1.5 billion investment in the sector by Tesla. Not only did the company impact the market, but it also motivated some of the other companies to also embrace digital currency. The surge in the overall market occurred on February 21st when the price of Bitcoin reached a record high of about $58,000. Once it did, trading seemed to intensify in the market, but Bitcoin plunged once more on February 23rd to reach a value of $43,000 after a tweet by Elon Musk.
According to reports, the total value of the cryptocurrency that changed hands on that one day was around $160 billion and this made it an all-time record where daily trading volume is concerned. The recent occurrences in the crypto market indicate that it is indeed growing in popularity and they also highlighted some of the determinants of the market. It also helped in understanding what could hinder the use of cryptocurrency as a payment method and an investment asset. With Bitcoin back on the climb once more, there are people who are taking an interest in order to earn returns in the future.
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