New crypto outlook survey captures American excitement for cryptocurrency despite challenges
BitcoinIRA, the world’s first and most trusted digital asset IRA technology platform, released results of their new survey polling participants on their investing preferences and market outlook on cryptocurrency.
In sum, the survey found that investor sentiment remains bullish on digital assets despite volatile market action and events. Crypto investors largely speculate prices will rise, and continue to bank on crypto to hedge against inflation and increasing social security concerns. More than half see crypto as a legitimate and trailblazing asset class, and more than half agree that crypto regulation makes digital investments more attractive.
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Key takeaways on crypto sentiment include:
- Excitement Factor: 72% of respondents would suggest their family or friends buy cryptocurrency. 32% report they look forward to traditional financial institutions adopting digital assets in the future and 30% are excited about crypto IRAs.
- Digital Asset Outlook: 51% of those surveyed think crypto is a legitimate and trailblazing asset class and 56% agree that Bitcoin is a hedge against inflation.
- Bullish on Regulation: 54% of respondents agree that crypto regulation makes digital investments more attractive.
- Saving for Retirement: 51% of survey respondents are considering investing in cryptocurrency as part of their retirement portfolio, while 27% have already invested.
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Key takeaways on reasons to invest and crypto price projections include:
- Motivation for Crypto Investing: Respondents are interested in crypto because they speculate prices will go up (59%), they want to diversify their portfolios (43%), catch up on retirement (36%), and avoid inflation (23%), among other reasons. 25% are concerned social security may run out, a 59% increase over BitcoinIRA’s May 2022 survey.
- Bitcoin’s Price Prediction: 48% of the respondents believe Bitcoin’s price will be $25,000 – $49,000 at its high in 2023, and 21% believe it will be $50,000 – $75,000 (the all-time high). Reflecting the crypto markets, price projections have lowered since the company’s last survey.
- Bitcoin Remains King: 69% of respondents select Bitcoin as their top crypto choice. Ethereum was the #1 most requested altcoin for crypto investing (18%). Alternative coins exclude Bitcoin.
“Although the crypto community has been tested by recent events, investors have a renewed enthusiasm for digital assets,” said Chris Kline, Co-founder and Chief Revenue Officer of BitcoinIRA. “Americans believe that strengthening crypto regulations will benefit us. Crypto investors continue to see digital assets as a key instrument in retirement portfolio diversification, as well as a hedge against inflation and mounting concerns about social security. BitcoinIRA is excited to be a part of the solution for Americans seeking alternative assets for their savings.”
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