Preceding Year Expected To Be Extravagant For Bitcoin, Protagonists Predict Achieving Of $100K

Survey of Institutional Investors of Bitcoin

A survey on the future of Bitcoin has been compiled by Nickel Digital Asset Management with the cooperation of Pureprofile.

The findings of the survey, which were published on 26th January 2023, revealed institutional investors’ expectations of Bitcoin.

While Nickel was responsible for determining the findings of the survey, Purelife did the groundwork by personally interviewing the institutional sector.

They carried out interviews with some of the most reliable and highly credible investors. They did not stick to a single category of investors.

Instead, they diversified their interviews and asked the required questions to different groups of investors to gather as diverse information as possible.

For the survey, approximately 200 investors from a variety of institutions from different countries. These countries included the US, Singapore, UAE, UK, Switzerland, Brazil, and Germany where the interviews were carried out.

According to Nickel, the surveyed institutions’ contribution to the global crypto economy is more than $2.85 Trillion collectively.

Findings of the Survey

Nickel determined in the survey report that institutional investors have high hopes with regard to the preceding.

Nickel noted that these investors believe that 2023 would be a strong year for cryptocurrencies and the ‘strongest’ for Bitcoin. They are further confident that ‘long term valuation’ would creep in especially for Bitcoin.

At least 99% of the surveyed institutions were unanimous in suggesting that Bitcoin’s price would significantly increase this year. It suggests that the institutions have high hopes for cryptocurrencies.

Among all the crypto, they have very high confidence in Bitcoin as they hope its price would continue surging in the future.

Furthermore, approximately 1% of the total respondents were of the view that Bitcoin might achieve a value of over $100,000.

Bitcoin Expected To Enter 2024 with a Price Tag over $30K

The observations drawn during the study further suggested that a high level of confidence is found present in the majority of Bitcoin investors.

Because of the high level of confidence, the investors are certain that this time crypto trend would last longer than in the past.

In addition, 23% of the surveyed institutions are expecting Bitcoin’s value to remain above the $30K benchmark at the end of the current year.

In short term, the survey found that only 1% of the respondents believe that Bitcoin’s value could surpass $100K in 2023.

However, in long term, 65% of the respondents agreed that over a period of the next five years, $100K for a Bitcoin is possible.

Possibility of Bitcoin Retrieving Back November 2021 High Value

In November 2021, Bitcoin managed to take its value above $69,000, which to date is the all-time-high value for Bitcoin.

However, value started to decline after 15th November 2021 which ultimately shortened the global Bitcoin economy by 75%.

Since then Bitcoin is in the rebounding phase and in the process struggled to build momentum till the end of 2022. The momentum however came back right from the beginning of the year 2023.

So the targeted value for Bitcoin by default is the price range of $69,000 amongst global Bitcoin investors.

According to the results of Nickel’s survey, 39% of the respondents opined that the value of $69,000 could be achieved after three years’ time.

While the majority, which comprised 76% of respondents, claimed that it would take more than five years for Bitcoin to achieve the target value.

Amongst them, 3% were those who were in disbelief that reaching $69,000 would never ever be possible again.

Remarks of Surveyor’s CEO

Anatoly Crachilov, CEO of Nickel, said that ‘one of the most daunting parts in digital asset industry is of making ‘price predictions’.

He opined that though predictions are made based on fair and technical analysis, nobody can make predictions with guaranteed results.

Despite this, Crachilov suggested that ‘3% of respondents are highly optimistic about 2023 to be a strong year for Bitcoin in particular’.

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