Around one-third of UK-based investors believe they have missed their chances to get on the bitcoin bandwagon on time, so they would prefer to stay out of the market entirely, showed a recent survey. Nevertheless, they believe that the first-ever cryptocurrency hasn’t halted its bull run and will continue north to $70,000 or even $140,000 this year.
The research compiled by the UK think tank Parliament Street and the independent polling company Censuswide asked 2,000 citizens about how has their views and perception of the crypto industry changed in the past year.
One of the outcomes from the survey indicated that 37% of the participants believe that the regarded as more “traditional” asset classes, such as stocks, are “too risky to invest in right now.” They argued that the COVID-19 pandemic and its effect on the economy had caused this change while highlighting the benefits of bitcoin and other cryptocurrencies.
“As a result, cryptocurrency, and especially bitcoin, has become an increasingly legitimate option as an investment asset, with 29% revealing that they would never have considered investing in cryptocurrency before the most recent bitcoin bull run, but they are now.”
However, 30% of investors said they would still steer clear because they feel they have “missed the boat” after BTC expanded its value by nearly six-fold since October 2020 to date.
Interestingly enough, 25% of the survey participants noted that they would have netted more than $1.4 million on average in profit if they had moved all of their assets into BTC at the start of 2020.
The research further explained that the entrance of Elon Musk’s Tesla revealed in February this year has enhanced the legitimacy of the entire cryptocurrency industry. As reported previously, the electric vehicle giant allocated $1.5 billion in the primary cryptocurrency. Since then, numerous companies and individuals have openly commented and praised the asset.
“Bitcoin has also been buoyed by other external events, such as Elon Musk and Tesla’s endorsement of the digital currency.” – reads the paper and added that 24% of the respondents had been given “more confidence to invest in the cryptocurrency” following that event.
Furthermore, they noted that the entrance of such prominent names will continue to appreciate the value of BTC. 31% predicted that bitcoin will surpass the $70,000 price tag by the end of the year, while 18% were even more optimistic – envisioning a 2x higher mark of $140,000.
