Cryptocurrency investors are more bullish about the future than ever. That’s according to a new survey from Voyager Digital, published June 15 on Business Insider.
Voyager surveyed 3,671 traders from its own trading platform. The results showed that 7 out of 10 respondents are bullish about the price of bitcoin (BTC) for the next three months, despite the massive crash in April and May.
28% expect the bitcoin price to reach between $41,000 and $55,000 by the end of the third quarter of 2021. 39% believe the price will rise to somewhere between $56,000 and $70,000. 18% think the price will top $71,000, a small decrease from the 20% from the previous survey.
However, how Voyager calculated this exactly is unclear and the sum is not entirely correct. Still, there is a clear positive sentiment and more investors (87%) are planning to invest more in crypto than in the first quarter of this year (80%).
In addition, 9 out of 10 respondents also expect the US Securities and Exchange Commission (SEC) to approve another exchange-traded fund (ETF) for bitcoin this year. A bitcoin ETF could push the price up by making it easy for (institutional) investors to invest in bitcoin
Among the altcoins, respondents are by far the most bullish about Cardano (ADA), at 55%. This is followed by Dogecoin (DOGE) at 11% and Chainlink and Polkadot (DOT) at 6% each. Voyager Digital CEO Steve Ehrlich says the crash is seen primarily as a buying opportunity rather than a prediction of more doom:
“The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency shows how people view May's volatility in many crypto assets as a buying opportunity. Our findings show that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage compared to the last survey we conducted in April.”