This week we asked the Invstr Community how they felt about Bitcoin’s price and where they thought it would go this year. In case you’re not too familiar with cryptocurrency, Bitcoin is the first cryptocurrency built using blockchain technology. You can use Bitcoin to buy products and services, however, most places do not accept Bitcoin and some countries have even banned it altogether.
The Invstr community seems to be in a large agreement with where Bitcoin is heading this year, with a whopping 51% of the community saying Bitcoin still has way more room for growth. This could very well be true, with Bitcoin seeing growth on the annual timeframe over the past few years. Moreover, because the crypto space has started to fill with startups and new tokens, the amount of investment into “OG” tokens like Bitcoin and Ethereum could increase. In the world of crypto, Bitcoin is the original, and is therefore viewed like “digital gold.”
The next most common response from the Invstr community is that Bitcoin may see some growth but not due to inflation. This response is quite thoughtful and accounts for factors like inflation, however, an alternative way to look at the situation is that crypto could see a rise when inflation occurs, since fundamentally, its value is not that of an inflated fiat currency.
Lastly, around 16% and 15% of Invstr’s respectively believe Bitcoin has peaked as of late or don’t know where the price is going. The former group could very well have a compelling argument, given the fact that in 2017 Bitcoin peaked before entering a crypto “winter”. The latter group is also a safe bet to take, with crypto markets not only being random and unpredictable, but volatile. Thanks for reading this week’s poll, Invstrs!
The Invstr Team 🙂