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Bitcoin investors more bullish than ever despite 50% price crash: survey

Even with Bitcoin (BTC) and also the broader cryptocurrency marketplace experiencing one of its worst crashes lately, investors are seemingly more

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Even with Bitcoin (BTC) and also the broader cryptocurrency marketplace experiencing one of its worst crashes lately, investors are seemingly more bullish than ever seeing the future fortunes of both Bitcoin along with a plethora of altcoins.

That is based on the outcomes of a Q2 retail investment poll conducted by crypto company Voyager Digital, that polled 3,671 high tech traders around the Voyager platform.

The poll’s findings demonstrated that 81 percent of respondents are more optimistic in the long run of cryptocurrency, actually following the violent cost crash in April and May, that saw Bitcoin and many others shed more than 50 percent of the worth.

Many coins have recovered significantly, even though the industry still remains unclear. Regardless of this, 87 percent of the poll’s respondents said that they intended to maximize their own crypto holdings during the next quarter — a rise on the 80 percent who said the exact same at Q1.

Some 39 percent of respondents stated they anticipated the Bitcoin cost to drop between $56,000 and $70,000 at the end of Q3 2021, although 28 percent forecasted a Bitcoin cost between $41,000 and $55,000. The proportion of respondents that thought Bitcoin would attain a cost of $71,000 stood at 18 percent down from the last poll’s figure of 20 percent.

Significantly, over nine of 10 of those polled stated that they believed the United States Securities and Exchange Commission would finally approve a Bitcoin ETF — a exchange-traded fund which crypto proponents think will raise the value of Bitcoin through exposing it into institutional investment.

One of the altcoins that economists stated they were bullish on, Cardano (ADA) proven to be the most popular. Some 55 percent stated they had been bullish on Cardano over another altcoin, together with Dogecoin (DOGE) coming in second (11 percent ), followed closely by Chainlink (hyperlink ) (6 percent ) and Polkadot (DOT) (6 percent ).

Voyager Digital CEO Steve Ehrlich said that it was reassuring to see continuing religion in the cryptocurrency marketplace regardless of the recent wreck. Ehrlich indicated the outcomes of the survey suggest that many investors see the current market dip for a buying opportunity, instead of a portent of worse to come.

“The simple fact that the huge majority of our high sample size of traders are more optimistic in the long run of cryptocurrency, reveals how folks view May’s volatility at several crypto-assets as a buying opportunity,” said Ehrlich.

“Our findings demonstrate that 87 percent of investors are wanting to raise their crypto holdings within another quarter, a higher percentage in comparison with the previous poll we ran in April,” he added.