CryptoVantage experts conducted a survey among 1,000 Americans who bought any cryptocurrencies in the last five years. The majority of respondents (70%) are confident: bitcoin will surpass its all-time high of $69,044 within five years. Of those, 23% are convinced it will happen as early as 2023. Only 9% of respondents believe bitcoin will never return to its peak in 2021. One of the main drivers of bitcoin’s growth is the upcoming halving of the reward to miners, which is expected to happen by the end of April 2024.
Bitcoin isn’t the only cryptocurrency, however. Therefore, many investors believe that during the next bullish trend in the crypto market, other coins could displace the first cryptocurrency. Some 46% of survey participants believe it is ether that can outperform bitcoin, 21% praised DOGE’s chances, about 8% believe in BNB’s potential, and a small percentage of respondents expressed optimism about SOL and ADA coins.
Supply and demand (66.8%), international financial trends (58.1%), technological innovations (41.6%) and regulatory innovations (36%) were cited as the main factors affecting the value of cryptoassets. Many respondents said: due to rising interest rates and high inflation, the cryptocurrency industry will become even more attractive to investors.
In 2021, analysts at Cryptovantage conducted a study that found that U.S. investors do not securely store passwords to access cryptocurrency wallets, so they often fall victim to scammers.