Genesis Mining has recently put out a survey with rather unexpected results. According to this survey, most investors of Bitcoin don’t hold any hope for the coin to surpass $50,000 by 2030. In spite of this, however, a small portion of the survey, 3.5% of the respondents, expect the coin to be bullish, indeed, blasting through to $500,000 at that time.
A Survey Showing Strange Results
Genesis Mining stands as an institutional mining platform within the British Virgin Islands. The platform had done a survey of 1,000 former and current Bitcoin investors based in the US, publishing its findings for the world to see. As it stands now, the survey shows that two-thirds of these BTC investors, both current and former, view Bitcoin as a better storage of value for the long term when compared to the USD.
The survey showed that over half of its respondents are convinced that Bitcoin stands to beat real estate, gold, and stock markets within the next ten years. Furthermore, 65% of the respondents believe that Bitcoin will only increase in value as time goes on.
BTC Investors Seemingly More Bearish Than Bullish
This is where things get interesting, however. The survey showed that, in spite of more than half of the respondents believing that Bitcoin will rise, only 17% of them think the price will exceed $50,000 in value by 2030. This comes as other analysts predict a $100,000 price tag as early as 2021’s end.
What this means, is that the remainder 83% of the survey aren’t convince that Bitcoin can gain another 160% in the span of a decade. All the while, 2020 alone has seen the asset jump up and down the spectrum, managing a rise of 166.5% from lowest to highest.
Another 17% of these respondents have speculated that the price will fall within the next decade. These bearish few run in tandem with a sixth of the respondents who speculate that BTC will not have any good long-term price performance.
Finger Pointed To Government And Regulatory Intervention
As it stands, the survey showed that just barely over half of the respondents, a whole 50.1%, speculate that BTC will have a price of $20,000 or less by 2030. A third of the respondents speculated that the price would go as low as $10,000 or less at that time, and some, 11.8%, believe that crypto will be worth less than $1,001 by that time.
As for why these bearish players are so bearish, almost a third of the bearish respondents expect a stagnating crypto market thanks to regulatory hindrances. One-fifth of these bears expect governments to ban the asset outright, as well.