56 Percent Plan to Buy More Cryptocurrency Despite FUD
Recently, there’s been a lot of voices around the cryptocurrency domain, and not all of it is positive. However, this doesn’t seem to affect digital currency aficionados, if we were to go by the numbers. A good number of investors are planning to invest more over the next 12 months, oblivious to the recent volatility in the market.
According to research by international communications agency Citigate Dewe Rogerson, in the span of 12 months, around 56 percent crypto investors have plans to buy more, while 31 percent are skeptical. The latter prefer retaining or reducing their exposure to the digital currency. Of all the cryptocurrency holders, only eight percent plan to sell all of their digital currency.
In recent weeks, cryptocurrency prices have fluctuated majorly. Coined as the number one digital currency, bitcoin dropped below $9,000 recently after reaching a high of $11,500 earlier last week. This information was sourced from CoinDesk’s aggregate index.
Focus Back on Digital Assets
Earlier this week, regulators put digital assets back in focus, with the US Securities and Exchange Commission (SEC) saying it would require digital asset exchanges to register with the agency. That sent bitcoin’s price dropping below the $10,000 level.
Pondering over the motive behind this confusing decision by the cryptocurrency investors? 32 percent believe there can be a dramatic increase in valuations between now and 2021.
“At the start of the year, the market capitalisation for cryptocurrencies was around $800 billion, but by 2021 over half of the financial professionals (59 percent) we interviewed, expect it to be over $1 trillion, while 15 percent anticipate it to be more than $2 trillion,” informed Phil Anderson, executive director at Citigate Dewe Rogerson.
As the standing of cryptocurrency remains a mystery owing to its fluctuating legal status, it still has a strong set of believers – and a stronger set that are skeptical about this. However, if statistics and research results are taken into consideration, digital currency is booming and at a staggering rate. Well, if you thought it was on its way to coup currency, this was just its warm-up.
What do you think about this study? Will bitcoin see more investors in the coming months? Let us know in the comments below.