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Mid-Term Bitcoin Outlook Remains Murky

Mid-Term Bitcoin Outlook Remains Murky

The mid-term bitcoin outlook remains…

Damir Kaletovic

Damir Kaletovic

Writer, Safehaven.com

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Safehaven.com.

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Poll: 70% Of Investors Have No Interest In Bitcoin

BTC

A new survey shows that three-quarters of US-based investors surveyed still think bitcoin is a “very risky” investment.

Wells Fargo/Gallup asked 2,000 U.S.-based investors with more than $10,000 in stocks bonds and mutual funds about their bitcoin sentiment and found that only 2 percent even own any, while more than 70 percent have “no interest in ever buying bitcoin”. A further 26 percent said they were "intrigued" but had no plans to buy into bitcoin in the near future.

Part of the lack of interest is simply an aversion to risk, but part of it is because bitcoin is still the new kid on the block and only 29 percent of investors surveyed in the poll said they knew anything beyond the basics about cryptocurrency.

“For now, most investors are on the sidelines, knowing little to nothing about bitcoin. Few are already invested in it, and even fewer plan to jump in soon," the poll concluded.

Plenty of veteran investors have helped shape the prevailing perception that it’s not safe to trade cryptocurrencies, including Warren Buffet, the legendary role model, who has made it clear he does not consider bitcoin an investment at all.

Certainly, the volatility keeps many away. In a single trading session, the volatility of cryptocurrency can be around six times as high as large-cap stocks or gold. In a 10-day period, crypto volatility can be 11 times higher.

And even seasoned traders find it impossible to get a handle on because it doesn’t follow the same rules or the same fundamentals.   Related: “Buffet Indicator” Suggests Stock Market Crash Is Looming

In the average investor mind, the bitcoin nose-dive this year was a bubble, and those who participated in the survey who hadn’t yet taken the crypto plunge said they were waiting to see how the price swing plays out.

And with regulatory uncertainty still ruling this day, they might be waiting a while.

Last week, the U.S. Chamber of Commerce demanded clearer regulations for cryptocurrencies and any activities related to them, including Initial Coin Offerings (ICOs).

The price of bitcoin surged above $8,000 last week for the first time since May after the Group of 20 (G20) meeting in Argentina concluded with few indications that there was an urgency to take regulatory action against cryptocurrencies. Member countries are now looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.

What may make the average investor more comfortable is growing institutional interest in cryptocurrencies, and that’s exactly what the July surge was all about, plus news of an upcoming bitcoin ETF that seems promising.

By Damir Kaletovic for Safehaven.com

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