A new survey has surfaced that suggests an overwhelming majority of individuals in the United Kingdom, close to 93%, have heard of Bitcoin [BTC]. Moreover, one in five individuals think that cryptocurrencies will be as common as cash or card payments in the future.
The survey, conducted by YouGov, also expresses a downfall with the knowledge dissemination regarding the Bitcoin protocol, with only 4% stating that they understand Bitcoin very well. 23% say they understand it “fairly” well. The younger generation of individuals remains as more likely to understand Bitcoin, with statistics of 43% vs. 16% in young and old individuals respectively.
Reportedly, only 4% of individuals say that they have purchased Bitcoin, with the figure being 9% in younger individuals and only 1% in older ones.
21% of the respondents stated that cryptocurrencies as a whole will commonly be used as a payment method. Men and women are both almost equally likely to believe this, with recorded figures of 22% and 19% respectively.
43% of respondents state that they will not achieve mainstream status, with 34% saying that they simply do not know.
However, the sample space did not seem to like the idea of cryptocurrencies being controlled by the people, with 20% stating that they feel very negatively about this notion. Only 3% felt positively about the idea, with 25% “neutral” towards it.
Again, men were found more likely to be open towards the idea, with 15% feeling positive compared to only 10% in women.
This provides a bullish outlook for the adoption of Bitcoin as is said to be coming by the entry of institutional players in the market. Moreover, it might also cement its place as a valid asset class made ready for investment. Companies such as eToro have also been involved in the cryptocurrency space, and have a bigger customer base in the United Kingdom.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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