Nearly two-thirds of UK traders intend to purchase bitcoin in 2021 and effectively over half count on its worth to extend to $60,000 (£43,000), in accordance with a survey.
Monetary platform Investing.com discovered 63% of UK traders intend to purchase bitcoin in 2021 for the primary time, or enhance their holding within the forex.
The survey was carried out in January with 802 respondents, and though 61% count on bitcoin worth to hit $60,000, 30% count on the cryptocurrency to rise to an excellent increased $100,000 (£73,000) this 12 months.
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Jesse Cohen, senior analyst at Investing.com, mentioned: “After a record-breaking 12 months in 2020 that noticed it bounce greater than 300%, bitcoin appears to remain robust in 2021 as extra retail – and big-name institutional patrons – enter the market.
“The latest surge in first-time novice traders – mixed with the flush of ultra-cheap cash being pumped into the worldwide monetary system by the Federal Reserve and different world central banks – have discovered their method into many risk-perceived belongings, together with Bitcoin.
“With Bitcoin transferring into the mainstream and capturing higher consideration, it should probably draw additional scrutiny from regulators in america, Europe and Asia.”
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Amongst these surveyed, 74% already possessing bitcoin had been planning to purchase extra of the cryptocurrency, and 47% of those that had not already invested within the coin meant on buying it in 2021.
Half of bitcoin traders say they entered the market throughout the final three months, and 71% of recent traders previously 12 months revealed that they joined the market after the October spike that noticed the coin’s worth skyrocket.
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Amongst new traders, 26% intend to take a position between £1 and £1,000 into the cryptocurrency in 2021, and 21% plan to take a position between £1,000 and £10,000.
Bitcoin seems to be on an unstoppable upward trajectory, nevertheless traders imagine it might additionally face a variety of threats.
Over half of traders imagine new regulatory restrictions is the most important risk to bitcoin, and greater than 1 / 4 mentioned {that a} pullback resulting in a giant selloff is the most important concern for the cryptocurrency.
Different potential threats talked about by traders within the survey had been competitors from central banks, hacking and taxation.
When requested about the way forward for different cryptocurrencies, 83% of traders count on the worth of ethereum to rise in 2021 and 35% count on the litecoin worth to rise additionally.
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