- A study by Genesis Mining revealed that 50% of US investors believe that Bitcoin has already hit the ceiling and will likely be lower than $20,000 by 2030.
- Only 15.1% of respondents anticipate a price jump to between $40,00 and $100,000.
A new study has revealed that half of all US investors believe Bitcoin will be worth $20,000 or below by 2030. The study by institutional mining company Genesis Mining found that one in five investors is extremely bearish, predicting the price to drop by at least 75% over the next decade.
The ‘Bitcoin Investor Predictions’ study pooled 1,000 investors from the US to find out how they feel about the future of Bitcoin. As Genesis stated, “There is no force more powerful than the investor’s psyche to determine how markets will move.”
Projecting Bitcoin’s value
In the past decade, Bitcoin has shot up from just a few dollars to over $19,190 at press time. This is the best return on investment for any asset class over that time, and one of the best ROIs of all time. This performance has seen Bitcoin become the most favored asset by investors for the next ten years.
52.3% of investors prefer Bitcoin over real estate in the long term, Genesis found. In comparison to stocks and gold, Bitcoin also came out tops at 54.5% and 57% respectively.
It was against the US dollar that Bitcoin had the most significant lead. As per the study, an overwhelming two thirds prefer Bitcoin over the greenback. The study reiterated the sentiments of BlackRock CEO Larry Fink who recently claimed that Bitcoin threatens the status of the US dollar as a reserve currency.
However, despite all the bullish sentiment over Bitcoin’s future in relation to other assets, the investors weren’t as optimistic in regard to the BTC price by 2030. A surprising 50.1% of the surveyed group believes that the top cryptocurrency will be worth $20,000 or less. As a reason for this, the respondents stated a threat of regulation (32.4%) and a government-issued ban on Bitcoin use and perhaps other crypto (20.6%).
Of this bearish group, 21.8% foresee Bitcoin being worth less than $5,000 in the next decade. With the cryptocurrency currently trading at over $19,190, this would mean shedding at least 75% of its price in the next ten years. The largest group of investors believes Bitcoin will be in the $10,000-$20,000 range.
On the other hand, 10.3% believe that Bitcoin will be worth over $100,000, with 4.8% predicting it will top $500,000. A total of 12.8% foresees a moderate value increase to between $20,000 and $30,000, while a combined 15.1% of respondents anticipate a price jump to between $40,00 and $100,000.
Who owns Bitcoin and why?
The study also sought to establish how popular Bitcoin is among the investors and the motivations for investing. It found that most investment in the cryptocurrency is modest, with 32.1% investing less than 5% of their portfolio. On the other end, 8% of the respondents allocated over 80% of the portfolios to Bitcoin. 7% have yet to invest in Bitcoin.
It appears that, for most Bitcoin and crypto investors, their stake in digital currency is just one slice of their pie of savings.
Motivations for investing in the cryptocurrency are diverse, ranging from a lack of belief in the financial system to fear of missing out on the upward price movement. The study concluded:
If you had to make a bet regarding the future of Bitcoin and you were using our respondents’ answers as the basis of your wager, then you’d have to bet on Bitcoin.