A recent survey of investors in the UK has revealed that a number of investors regret not investing in Bitcoin earlier. Right now, many of them feel it’s too late to jump on the train.
This is according to The Great Cryptocurrency Report in which 2,000 UK consumers talk about their investment plans amid 2021’s economic uncertainty.
Investors Feel They Missed Out On Bitcoin
According to the research, 30% of the consumers said they would not invest in Bitcoin or other cryptocurrencies because they felt it was too late to invest.
While a third of the survey respondents said they expected the price of Bitcoin to rise even further this year, to £50,000 ($70,000), 18% predicted a £100,000 valuation by the end of 2021.
29% of the respondents confessed that if not for the recent bitcoin bull run, they were never going to even consider investing in cryptocurrency.
Also included in the research were 40% of the respondents who felt that traditional assets, such as stocks and shares, were too risky to invest in presently due to the economic downturn caused by Covid-19. Nevertheless, the pandemic is said to have benefitted cryptocurrency due to its “disassociation with fiat systems of currency”, the report said.
However, 55% of respondents said that they have no plans at all to invest in cryptocurrency this year, and a similar amount said they were still more likely to invest money into traditional assets such as gold and equities.
Tesla’s Impact In Bitcoin’s Run
The huge increase in bitcoin’s valuation is attracting investors—with many considering buying it thanks to Tesla’s involvement.
Cryptocurrency trading was said to have soared last month following Tesla’s $1.5 billion investment in the sector. Tesla impacted not only the market but also motivated other companies to embrace digital currency.
The surge came as the price of Bitcoin hit a record high above $58,000 on February 21 after which trading became heavy. On February 23, bitcoin then plunged to around $43,000 following Elon Musk’s tweet.
Reports have it that nearly $160 billion in cryptocurrency changed hands that day, marking a new all-time record for trading volume.
The recent events in the cryptocurrency sector shows its growing popularity and the determinants of the market. It also shows what can hinder its widespread use as an investment asset or payment method.
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