In a recently conducted exclusive survey, Benzinga found that a majority of investors believe it is a good time to invest in cryptocurrencies.
In addition, Benzinga found its users thought the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) would rise by year-end.
This week Benzinga posed the following cryptocurrency questions to more than 1,000 investors to gain more insight into what they believed the future of crypto will be. The questions we posed were:
Where do you think Bitcoin will finish in 2022? [write-in response]
Where do you think Ethereum will finish in 2022? [write-in response]
Do you think now is a good or bad time to invest in cryptocurrencies?
• Now is a good time to invest in crypto
• Now is a bad time to invest in crypto
When we asked the first question, “Where do you think Bitcoin will finish in 2022,” the average data point shared that investors believed the price of the coin would rise at the end of the year. The price of Bitcoin currently sits at $20,030.67 at the time of publication and the average response was $29,676.
This sentiment could come as a surprise to some as the coin’s price has fallen more than 57% since the start of the year. The data showed that many users believed in the long-term success of Bitcoin, are buying the dip and thought that the price will increase by the end of the year.
In addition to Bitcoin, Benzinga users also believed in the long-term success of Ethereum. Benzinga users thought Ethereum will increase to a price of $1,791 before the end of the year. This is a 65.15% increase from the coin's current price of $1,084.44 at the time of publication. When using both this data point and the one previously mentioned, it remains clear that Benzinga users firmly believed in the future of cryptocurrency.
When asked if it is a good or bad time to invest in cryptocurrency, 53.5% of respondents thought it was a good time to invest in crypto. This reconfirms that Benzinga users believed in the long-term success of the world's most volatile market.
Overall, this week's survey proved that users truly believed that now was the right to invest in cryptocurrencies. It had been shown time and again that in the long run, a coin can help an investor with multiple returns on investment. While the value of crypto has continued to fall this past year, Benzinga users believed now is a strong time to buy in since the value remains low. While the future of cryptocurrencies remains uncertain, it is very likely that as the market eventually rebounds, the value of crypto will, as well.
This survey was conducted by Benzinga in July 2022 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.
Henry Khederian also contributed to this story
Photo: Courtesy of QuoteInspector.com on flickr
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