Ever since Bitcoin began its sporadic rise in the crypto market, analysts and experts alike have continued to project the price of the leading digital assets after a long period. While some of them have made a case of the digital asset touching $50,000 in the next 10 to 20 years, others have chosen to increase their prediction, putting the price of the digital asset at around $100,000 in the same time frame.
This has spurred investors and traders alike as most people are now being converted into trading the digital asset. Although the firm holds a belief of a bullish outlook for Bitcoin in the coming years, a new survey has shown that most of the traders in the crypto industry are not entirely convinced that Bitcoin can hit $50,000 in the next 30 years.
Bitcoin still on the rise in the crypto market
A recent survey that was carried out by Genesis Mining, a mining platform that offers its services to mostly institutional miners showed that only two-thirds of about 1000 respondents believe Bitcoin would go all the way in the next 30 years. The report from the survey also claimed that more than half of the respondents claimed that Bitcoin would outperform other financial assets such as gold, stock markets and real estates.
Also, about 65% of respondents were very confident that the price of the digital asset would continue to rise rapidly across the years. Despite most people supporting a Bitcoin rise in the coming years, only 17% of the 1000 respondents held the believe that Bitcoin could be selling for more than $50,000 by 2030. Analysts have noted that Bitcoin could easily reach this figure in the given time frame because it had already made a 166.5% surge during this year alone. Notably, Bitcoin needs to make a surge of around 160% to be able to sell at this price in the next 30 years.
Also read:Bitcoin bearish and bullish moves predicted by respondents
Another 17% thought that Bitcoin might witness a massive collapse in the time frame. At the same time, one-sixth of the responding population noted that they were not confident of the performance of the digital asset in the years to come. Summarizing all the results gotten from the report, it shows that only 50% of the responding population said that Bitcoin would be sold for around $20,000. While one-third of the total population notes that the price of the leading digital asset would be worth $10,000 or less come 2050.
About one-third of the population who said that Bitcoin would post a bearish outlook noted that it would come as a result of several regulations by the government. In contrast, one fifth said that governments would prohibit trading digital assets. Looking at the bullish predictions, about one-tenth of the respondents believe that Bitcoin would reach $500,000 in the next couple of years. Also, some few members of the responding team have noted that Bitcoin adoption will skyrocket because of the lack of trust in fiat currencies. Another group said that countries around the world might experience a bad economic meltdown in which the only Bitcoin can help them come out of it.
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