Friday, June 21, 2024

96% of Investors Are More Confident in Cryptocurrency Future According to Voyager Digital’s Quarterly Survey

Voyager Digital’s Q3 2021 Retail Investor Sentiment Survey shows that investor sentiment towards crypto assets is increasingly positive when looking ahead to Q4. Such bullish sentiment comes despite Bitcoin continuing to stay below its all-time-high of $64,863 in April, and Q3 2021 being a period that has seen increased regulatory scrutiny around the cryptocurrency industry.

With the price of Bitcoin dropping as low as $29,000 during the latest price correction in June and July, the majority of investors (8 out of 10) believe Bitcoin will be above $56,000 in the next quarter, with 40% expecting the price to be above $71,000 at some point in Q4 2021. This is a higher proportion of respondents than in the previous quarterly survey when the majority of investors thought Bitcoin would finish Q3 between $56,000-$70,000.

Key survey findings:

  • 96% say that they are more confident in the future of cryptocurrency compared to 81% in the previous quarter.
  • 89% of investors plan to increase their Bitcoin or crypto holdings over the next quarter, higher than in the previous survey (87%).
  • Bullish sentiment for the price of Bitcoin over the next 3 months has increased to 8 out of 10 from 7 out of 10 in last quarter’s survey (1 being the most bearish and 10 being the most bullish).
  • 85% of respondents believe Bitcoin is currently in a bull market.
  • 8 out of 10 believe Bitcoin will be above $56,000 by the end of the year, with 4 out of 10 believing the price will be greater than $71,000.
  • Nearly half (48%) see Bitcoin as a better store of value compared to other assets such as real estate and equities.
  • Of the Altcoins, investors are most bullish on Cardano above any others:
    • Cardano (ADA): 40%
    • Ethereum (ETH): 16%
    • Voyager (VGX): 10%
    • Bitcoin (BTC): 9%

Steve Ehrlich, CEO of Voyager had the following comments to make from the findings:

“On almost every metric we measure in our sentiment survey, crypto-asset investors are more bullish about the quarter that lies ahead, than they were three months ago. As our user base continues to grow and digital asset adoption increases, our survey results suggest that a greater number of investors see Bitcoin as a better store of value compared to more traditional asset classes such as stocks, real estate, and government bonds. This is significant when you consider that over a fifth (22%) of respondents have been investing in crypto for over 2 years. You could argue that these investors are now ‘all-in’ on crypto and will probably never think twice about having exposure to traditional asset classes ever again.

“It is also interesting to see Cardano keep its crown as the altcoin that investors are most bullish on. With the network’s addition of smart contracts following their Alonzo upgrade, it seems the future looks bright for Cardano’s future adoption and growth.”

Methodology Summary:

The survey, which reports the sentiments of 1,171 respondents taken at the beginning of September demonstrates what a wide and diverse ecosystem the cryptocurrency space has become, with many digital assets available for investors to choose from, scrutinise and research. Respondents were chosen based on a “highly active trader status” on the Voyager platform, executing anywhere from 50-100 trades over a 30-day period. Results were collected via an anonymous online survey and assessed using standard data analysis tools.

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