Each week, Benzinga conducts an opinion poll to find out what traders are most interested in, what interests them, or what they think about when managing and building their personal portfolios.
We recently surveyed a group of over 400 Benzinga investors about the future price action of Bitcoin and asked if Bitcoin will reach $ 100,000 by 2025.
60% of respondents said they believe Bitcoin will hit the $ 100,000 mark in the next five years.
Will Bitcoin reach $ 100,000?
Having recently rebounded to the $ 18,000 level, it’s no secret that the price of Bitcoin has been on the rise lately. $ 18,000 is the highest level at which Bitcoin is trading in three years, after hitting an all-time high of around $ 20,000 in December 2017.
So what do Benzinga readers think of Bitcoin’s price action over the next five years?
An optimistic respondent sees Bitcoin reaching $ 100,000 by 2025 given that “as governments continue to print money, with inflation in general, the price of cryptocurrency is naturally expected to rise. I think Bitcoin has the potential to be the next big investment other than gold. “
“Especially with the younger generation interested in cryptocurrency and brokers offering the opportunity to invest in Bitcoin, there will be more adults than ever using their Bitcoin instead of bank cards, credit cards in the not future. so far away, ”the respondent concluded.
Another respondent said, “The massive adoption of Bitcoin retail investments is happening in 2020 with institutional investments. The value of Bitcoin is that there is a fixed supply and can be used as a hedge against government manipulated currencies. “
See also: Is Bitcoin a Good Investment?
Regarding the theory of supply and demand, another participant said: “ As the quantity of an item decreases and the demand for that item increases, along with improved applicability like Bitcoin will have in retail settings, there seems to be no way Bitcoin can stay below $ 100,000 ”by 2025.
Meanwhile, 40% of those polled said Bitcoin would not hit the $ 100,000 price point by 2025. Among those less keen on sustaining a positive growth path for Bitcoin, one respondent summed up the points for view from many readers on why Bitcoin won’t hit $ 100,000 in the next five, amid a wave of what many believe is pure speculation.
“Right now, the price action with Bitcoin is all speculation and inflation. I won’t say it’s impossible for Bitcoin to hit $ 100,000, but this rate of growth seems unprecedented if the economy stabilizes between now and 2025, ”the reader said.
This survey was conducted by Benzinga in November 2020 and included responses from a diverse population of adults aged 18 or older.
Joining the survey was completely voluntary, with no incentive offered to potential respondents. The study reflects the results of more than 400 adults.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.