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Michael Kern

Michael Kern

Safehaven

Michael Kern is a newswriter and editor at Safehaven.com, Oilprice.com, and a writer at Crypto Insider. Michael has several years of experience covering cryptocurrencies, and…

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Poll: 80% Of Consumers Bullish On Bitcoin

Btc

A new survey conducted by SharesPost shows that not only have digital currency investors kept the faith in these volatile times, but an overwhelming majority of those queried are planning to boost their crypto holdings.

In a survey of crypto holders that included 2,490 retail investors and 528 accredited investors, SharesPost said that 59 percent of investors and nearly 72 percent of consumers are planning to increase their crypto stashes over the next 12 months.

(Click to enlarge)

Source: SharesPost

Those are startling numbers given the horrible performance of cryptocurrencies over the past months. And it’s an enormous amount of faith to put into something that’s seen a 60-percent decline in valuation since the beginning of the year.

Undaunted, though, consumers surveyed believe that crypto prices are going to rise within the next year. Accredited investors are less optimistic about price hikes. Related: Robinhood Changed Trading Forever, Now It’s Going Public

But both accredited investors and consumers are convinced that we are in the end-stages of the great crypto culling: The general consensus is that only a few will survive, including bitcoin, ethereum, litecoin and ripple. Bitcoin is seen as offering the “most potential for future success”, while “enthusiasm” for ethereum has dwindled, largely because companies are increasingly ditching it to use their own blockchains to launch tokens. (Ethereum used to be the blockchain go-to).

Since the beginning of the year—when SharesPost launched its first survey—investor interest in bitcoin has jumped from 48 percent to 78 percent. And for the others, ripple is the preference over litecoin and bitcoin cash, from an investors’ standpoint.

(Click to enlarge)

Source: SharesPost

The survey also noted that 32 percent of investors and 49 percent of consumers “say employers are planning to roll out blockchain in the near future”, though they also acknowledge that crypto and blockchain technology may take longer to go mainstream.

While 51 percent of investors though crypto would go mainstream in 2020 at the beginning of this year, today, only 27 percent are still confident of that timeframe. Expectations have now been pushed out to 2025. 

Concerns about owning cryptocurrencies have remained the same: It’s about volatility and security—in that order—followed nominally by lack of education in terms of blockchain adoption. 

Over 50 percent surveyed listed volatility as their key concerns, while 37 percent listed security.

Another survey largely supports the SharesPost findings. A Harris Poll survey said that among the 35 percent of Americans who currently invest or are planning to do so in 2019, cryptocurrencies will constitute 5 percent of their investment mix. 

However, a recent Wells Fargo/Gallup survey from May showed that three-quarters of some 2,000 surveyed investors based in the U.S. think bitcoin is still a "very risky" investment.

Asked about the bitcoin sentiment, only 2 percent of U.S.-based investors with more than $10,000 in stocks bonds and mutual funds currently own any, while more than 70 percent “have no interest in ever buying bitcoin, according to the wells Fargo/Gallup survey. A further 26 percent are "intrigued" but do not plan to purchase any in the near future”.

(Click to enlarge)

Source: Gallup

By Michael Kern for Safehaven.com

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