A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
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Bitcoin to Hit $122,000 in 2024, Predicts Finder’s Latest Survey of Experts
Periodically, the product comparison website finder.com releases a new price prediction survey focusing on key cryptocurrencies and gathers a wide array of crypto and fintech experts for their perspectives. According to the most recent report on bitcoin forecasts, the panel of experts anticipates that bitcoin could attain a value in the six-figure range by 2024. […]
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Deutsche Bank Survey: Over Half Expect Crypto to Become ‘Important’ Asset Class and Payment Method
A new Deutsche Bank survey found that over half of respondents expect cryptocurrencies to become an important asset class and a method of payment. In addition, 10% of respondents expect the price of bitcoin to be above ,000 by year-end. Deutsche Bank’s Crypto Survey A recent Deutsche Bank survey of over 3,600 consumers, published this […]
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Market Survey Signals Bull Run: Investors Predict Bitcoin To Surpass $69,000 Post Halving
A recent survey conducted by Bitget has shed light on investors’ optimistic outlook towards the upcoming Bitcoin (BTC) halving event scheduled for April 2024. Notably, the survey indicates that most respondents anticipate Bitcoin surpassing its all-time high (ATH) of ,000 during the next bull run.
The study also highlights diverse predictions for Bitcoin’s price during the halving and provides insights into investment intentions across different regions.
Bullish Sentiment Soars
According to the survey, an overwhelming 84% of respondents globally predict Bitcoin will exceed its previous ATH of ,000 in the next bull run. This sentiment is particularly strong in Latin America, East Asia, and South East Asia. However, European regions exhibit more conservative expectations.
The survey reveals diverse predictions for Bitcoin’s price during the halving. While more than half of the respondents anticipate a price range between ,000 and ,000, around 30% believe that BTC’s price will surpass ,000. The optimism is especially pronounced in markets like Latin America.
Moreover, approximately 70% of respondents expressed plans to increase their crypto investments, indicating robust confidence in the potential of the crypto market.
The study highlights a stronger inclination to increase investments in regions like the Middle East/North Africa (MENA) and East Europe. In contrast, South East and East Asia present a more mixed investment outlook.
The survey reveals interesting regional variations in sentiment and expectations. Western European investors exhibit a “short-term cautious, long-term optimistic” sentiment, while Western Europe shows a relatively conservative outlook during the halving period.
Gracy Chen, Managing Director of Bitget, emphasizes the significance of the survey results in understanding the evolving landscape of cryptocurrency investment, stating:
We are pleased to see such positive sentiment emerging as market conditions continue recovering. At Bitget, we firmly believe in Bitcoin’s potential to establish itself as a truly global store of value.
Bitcoin Halving Cycles
Renowned crypto analyst Rekt Capital has delved into the historical patterns surrounding Bitcoin halving events, shedding light on the typically occurring five phases.
- Pre-Halving Period:
The pre-halving period refers to the approximately 77 days leading up to the Bitcoin halving event in April 2024. Historically, this period has presented attractive opportunities for investors, as deeper retraces tend to generate excellent returns in the months following the halving. - Pre-Halving Rally:
According to Rekt, a pre-halving rally typically occurs approximately 60 days before the halving. Investors “buy the hype” in anticipation of the halving, aiming to “sell the news” and realize profits. Short-term traders and speculators capitalize on the hype-driven rally before selling their positions. The subsequent selling pressure contributes to a retrace known as the pre-halving retrace. - Pre-Halving Retrace:
The pre-halving retrace occurs a couple of weeks before the actual halving event. In 2016, this retrace reached a depth of -38%, while in 2020, it was -20%. Interestingly, Rekt emphasizes that this phase can last for several weeks, leading some investors to question whether the halving will act as a bullish catalyst for Bitcoin’s price.
- Re-Accumulation:
Following the pre-halving retrace, a period of re-accumulation typically takes place, lasting up to 150 days or approximately five months. During this phase, Bitcoin experiences consolidation as investors reposition and accumulate more assets. - Parabolic Uptrend:
Once Bitcoin breaks out of the re-accumulation phase, it enters a parabolic uptrend characterized by accelerated growth and a journey toward new all-time highs. This phase represents the culmination of the halving cycle, where Bitcoin’s price experiences significant upward momentum.
Featured image from Shutterstock, chart from TradingView.com
Bullish on Bitcoin: Global Survey Respondents Anticipate BTC Price Spike to $60K and Beyond in 2024
A recent international survey by Bitget has illuminated the crypto market’s hopeful perspective, drawing insights from close to 10,000 individuals across areas such as West Europe, East Europe, Southeast Asia, East Asia, MENA, and Latin America. More than half of the participants globally anticipate that bitcoin prices will hover between ,000 and ,000 during the halving period (around April 2024), while 30% foresee the price exceeding the ,000 mark.
Bitget Survey Shows High Optimism Among Crypto Investors
Bitget’s latest survey shared with Bitcoin.com News, uncovers a robust conviction in bitcoin’s capacity to outdo its previous peak by 2024, with 84% of investors foreseeing substantial growth preceding the forthcoming halving occurrence. The approach adopted by Bitget for this survey facilitated a thorough grasp of the worldwide investor sentiment regarding crypto assets.
Engaging nearly 10,000 people from diverse regions, the study offered a broad perspective on the anticipated future value of bitcoin (BTC) and the crypto market at large. This varied group of participants highlights the extensive enthusiasm and hope placed in digital currencies as a legitimate investment option, mirroring a global agreement on the likelihood of significant market expansion.
The Bitget study on the impact of Bitcoin’s halving “provides valuable insights into the evolving landscape of cryptocurrency investment,” Gracy Chen, Bitget’s managing director remarked. “The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the bitcoin market.”
The survey’s results underscore a dominant belief among investors in bitcoin’s journey towards new price highs. With the anticipation of the fourth reward halving event as a pivotal juncture, the majority view this occasion as a critical turning point for the premier cryptocurrency, potentially propelling it to unprecedented levels.
Such optimism is supported by historical patterns, where previous halvings have triggered notable market surges, solidifying the positive expectations held by the survey’s contributors. Beyond optimistic forecasts for bitcoin’s pricing, the survey also illuminated investment trends, with 70% of respondents aiming to bolster their crypto asset holdings in the coming year.
This intention is particularly pronounced among individuals from MENA and East Europe, showing a more pronounced eagerness to augment their investments in digital currencies. Bitget’s survey additionally highlights a “short-term cautious, long-term optimistic” outlook among investors from Western Europe.
What do you think about Bitget’s global survey? Let us know what you think about this subject in the comments section below.
EIA Launches ‘Emergency Survey’ on Crypto Mining’s Power Use Amid Concerns of Alleged ‘Public Harm’
The U.S. Energy Information Administration (EIA) has gained clearance from the Office of Management and Budget (OMB) to conduct an urgent survey regarding electricity usage by cryptocurrency mining firms across the U.S. The EIA submitted this request on the grounds that “public harm is reasonably likely” should standard operations persist.
Biden’s OMB Approves EIA’s Emergency Survey on Crypto Mining Energy Impact
The Biden administration’s Office of Management and Budget (OMB) has greenlit the Energy Information Administration (EIA) of the U.S. government to initiate a survey among mining enterprises. Starting next week, the EIA aims to gather information from specified commercial crypto mining companies, mandating their cooperation in disclosing energy consumption details. The authorization for this emergency data collection request was granted by the OMB on Jan. 26, 2024. Additionally, the EIA plans to invite public feedback regarding the data gathering on the energy usage of cryptocurrency miners.
“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States,” Joe DeCarolis, the EIA administrator said. “We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.”
Biden has declared a Federal “emergency” because #bitcoin is winning pic.twitter.com/NwxLxHynQ9
— Pierre Rochard (@BitcoinPierre) January 31, 2024
The justification for the approval presents a compelling case, with the EIA highlighting that “public harm is reasonably likely” should the current course remain unaltered.
Currently diving into this edict from the EIA against bitcoin mining operations in the US. It is extremely Orwellian.
It seems like they are trying to create a hyper-detailed registry of miners in the US down to particular ASICs. pic.twitter.com/tfZRhjugHe
— Marty Bent (@MartyBent) February 1, 2024
“As evidence, the price of bitcoin has increased roughly 50% in the last three months, and higher prices incentivize more crypto mining activity, which in turn increases electricity consumption,” the reasoning behind the emergency request notes. “At the time of this writing, much of the central United States is in the grip of a major cold snap that has resulted in high electricity demand.”
Furthermore, the request elaborates:
The combined effects of increased crypto mining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices, as happened in Plattsburgh, New York in 2018.
Glenn McGrath, an EIA spokesperson conveyed to Reuters that the request is warranted. “We do think it is a significant source of demand which is worthy of our efforts to quantify it,” McGrath said. “However, until we are able to substantiate the activity with better data, we, too, have more questions than answers.”
What do you think about the EIA’s emergency mandate? Share your thoughts and opinions about this subject in the comments section below.
Binance Survey: 73% of European Users Optimistic About Crypto’s Future
A new Binance survey has found that 73% of European respondents are optimistic about the future of crypto, with 55% exclusively using cryptocurrencies for everyday purchases. “We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies,” said Binance’s CMO.
Europe ‘Actively Paving the Way for Mainstream Adoption of Digital Assets’
Cryptocurrency exchange Binance recently surveyed its European users in France, Spain, Italy, and Sweden to understand their crypto investing habits. The survey was conducted between Oct. 14 and Nov. 8, 2023, with 10,498 participants. The results were released on Jan. 24.
According to the results, 73% of respondents are optimistic about the future of cryptocurrency, with 55% exclusively using cryptocurrencies for everyday purchases and 24% making over half their trades in crypto. Beyond everyday spending, the survey reveals diverse crypto uses: 34% for long-term trading, 26% for saving, 13% for day trading, and 9% for routine purchases.
Rachel Conlan, CMO of Binance, commented:
We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies.
“The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives,” she continued. “With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.”
Among survey respondents, 82% have been involved in crypto for at least a year, with 73% in the one to five-year range and 5% entering the space in the last six months. Moreover, over half (53%) are active traders, employing diverse frequencies, from monthly (23%) to weekly (17%) and daily (12%).
Regarding the key drivers for crypto adoption, 20% of respondents cited the potential for high returns as the key driver, 18% emphasized the ideals of decentralization and financial autonomy, and 17% indicated that they are motivated by innovation and technology.
What do you think about this Binance survey of European users? Let us know in the comments section below.
Deutsche Bank Survey: Over One-Third of Respondents Expect Bitcoin to Fall Below $20,000
A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below ,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between ,000 and ,000 by the end of the year.
Respondents Expect Bitcoin to Fall Below K
According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility.
The survey showed that over one-third of respondents believe bitcoin will drop below ,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC’s price to range between ,000 and ,000 by the end of the year.
Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report that new spot bitcoin exchange-traded funds (ETFs) are expected to expand the institutionalization of the bitcoin. However, they noted that the majority of ETF flows have come from retail investors.
The price of bitcoin pushed above K in anticipation of the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. However, following the approval, BTC dropped below K on Monday and K on Tuesday. The crypto has since recovered slightly. At the time of writing, BTC is trading at ,815.
Many people believe that the approval of spot bitcoin ETFs along with the halving in April will significantly boost the price of bitcoin. Ark Invest sees a higher probability of bitcoin soaring to .5 million. Fundstrat says bitcoin is headed for 0K and could hit 0K in five years. Standard Chartered Bank said earlier this month that BTC could rise to 0K next year. Moreover, asset management firm Vaneck expects bitcoin to achieve record highs if Donald Trump is elected president of the U.S. in the November presidential election. Meanwhile, crypto adoption continues to grow. A recent report found that the number of crypto owners globally reached 580 million at the end of last year.
Do you think the price of bitcoin will fall to K? Let us know in the comments section below.
ECB Staff Unhappy With Christine Lagarde’s Leadership, Survey Shows
A survey of European Central Bank (ECB) staff has revealed widespread dissatisfaction with President Christine Lagarde’s leadership. More than half of the respondents rated Lagarde’s performance as “very poor” or “poor.” Some expressed concerns that the former International Monetary Fund (IMF) chief “does not necessarily act according to the values she proclaims.”
Lagarde Spends ‘Too Much Time on Topics Unrelated to Monetary Policy’
The International and European Public Services Organisation (IPSO), a union founded by European Central Bank (ECB) staff, conducted a survey among ECB staff asking them to assess the performance of Christine Lagarde as a president of the ECB. The survey was conducted between Dec. 12 and Dec. 22, 2023. Lagarde was France’s finance minister between 2007 and 2011. She then served as the managing director of the International Monetary Fund (IMF) between 2011 and 2019.
According to the survey results, released earlier this week, 50.6% of 1,159 respondents rated Lagarde’s performance in the first half of her eight-year term as “very poor” or “poor.” The IPSO also revealed that many respondents expressed dissatisfaction with Lagarde spending “too much time on topics unrelated to monetary policy,” citing her frequent engagement in political discussions.
Moreover, 53.5% disagreed that she was the “right president for the ECB at the current juncture.” Some respondents expressed concern about Lagarde’s potential political aspirations, suggesting she may be using the ECB as a platform for future political endeavors. Only 38% of respondents backed the monetary policy decisions taken under Lagarde. One staff member was quoted as saying:
The ECB has been focusing on topics beyond its mandate in a period where inflation was at the highest level in the EU history.
An ECB spokesperson said the survey was flawed, stating: “The President and the Board are fully focused on their mandate and have implemented policies to respond to unprecedented events in recent years such as the pandemic and wars.”
In its summary of comments for the survey, the IPSO noted:
Christine Lagarde is generally reported as being an autocratic leader who does not necessarily act according to the values she proclaims.
Do you think Christine Lagarde is a good ECB leader? Let us know in the comments section below.
Survey: 4 in 5 Institutional Investors Agree Crypto Has Important Role in Global Financial Industry
An institutional investor survey conducted by digital asset bank Sygnum indicates a shift from skepticism to advocacy, “with over 80% now agreeing that crypto has an important role to play in the global financial industry,” said the bank’s digital asset research manager. “It’s now truly becoming a trusted gateway that is rapidly transforming the economic landscape.”
Sygnum’s Institutional Investor Survey
Digital asset bank Sygnum launched its inaugural institutional crypto market report last week. The report, titled “Future Finance 23,” features an institutional investor survey the bank conducted at the beginning of Q4 with more than 150 respondents possessing an average of over 10 years of investment experience. They included Sygnum’s institutional client base and equity investors, banks, hedge funds, multi and single-family offices, foundations, and asset managers.
According to the survey, 87% of respondents invest in “blockchain protocol tokens like bitcoin, ethereum, and solana (Layer 1 protocols).” In addition, 57% of respondents plan to increase their crypto asset allocation in the future.
Regarding why they invest in crypto, the report notes that 66% of respondents said it’s to “gain exposure to the crypto megatrend” while 46% cited portfolio diversification as their investment driver. Sygnum described:
This illustrates ongoing institutional adoption and growth of hybrid traditional-crypto portfolios, as well as a deepening knowledge of blockchain technologies.
Moreover, among respondents who plan to maintain or increase their crypto asset allocations, 62% expect higher future returns.
Meanwhile, 37% of investors “consider crypto a superior investment than traditional assets, demonstrating its attractiveness as a traditional-market hedge,” the report details. “Direct token investments remain the top choice for all respondents, indicating a clear preference for investment via direct ownership of tokens and generating yields through staking. This preference might shift as financial products continue to evolve and diversify.”
Sygnum Digital Asset Research Manager Lucas Schweiger, the report author, commented:
As the crypto industry has evolved, many institutional investors have also evolved from sceptics to evangelists, with over 80% now agreeing that crypto has an important role to play in the global financial industry. It’s now truly becoming a trusted gateway that is rapidly transforming the economic landscape.
Fabian Dori, Chief Asset Management Officer and Sygnum Group Deputy CEO, opined: “Over 85% of institutional crypto investors in our study believe that being regulated is essential to building trust. This is further confirmation that Sygnum’s founding strategy to be fully regulated from day one in all our regions was the right one.”
What do you think about this institutional investor survey? Let us know in the comments section below.