Genesis Mining, Virgin Islands-based British institutional mining platform published the findings of a survey of 1,000 current and former US-based Bitcoin investors. Two-thirds of them believe that BTC is a better reserve of long-term value than the dollar.
More than half of those surveyed believe that Bitcoin will beat gold, real estate, and the stock market in the next 5 to 10 years. 65% express their faith that the value of BTC will continue to appreciate over time.
The bearish case
But despite the seemingly favourable sentiment, only 17% of those surveyed predicted that the price of Bitcoin would exceed $50,000 by 2030. This would only require the price to rise 160% over the next ten years. BTC has already gained 166.5% so far this year.
Another 17% predicted that the price of Bitcoin would fall over the next decade. Meanwhile, a sixth of respondents did not feel safe to speculate on the long-term performance of the cost of BTC.
In total, 50.1% of respondents estimated that BTC would be worth $20,000 or less in 2030, a third said the price would be $10,000 or less, and 11.8% predicted prices below $1,001.
Almost a third of participants predicting stagnation or bearish performance in the next ten years expect Bitcoin to face roadblocks from regulations. At the same time, a fifth anticipate that governments will ban the cryptocurrency entirely.
The bullish case
On the bullish end of the spectrum, one-tenth expressed that Bitcoin would be worth between $100,000 and $1 million within a decade. Half of them expect the price to exceed $500,000.
Almost 30% of bullish respondents believe that Bitcoin adoption will be driven by declining confidence in fiat currencies, with 25.8% anticipating that major economic depression will trigger mass adoption. More than half of the participants believe that the adoption of Bitcoin has a lot of room for growth despite external political forces towards the cryptocurrency.
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