A new study by the British think tank Parliament Street found that an estimated 25% of UK investors would have had returns of 1 million or more ($ 1.39 million) by investing their wealth entirely in bitcoin by early 2020.
In the Great Cryptocurrency Report, 2,000 British investors were asked about their confidence in the cryptocurrency and comprehensive investment plans for 2021.
The survey found that 29% of respondents were encouraged to invest due to the large profits they made during the last bullish round, when bitcoin prices reached $ 56,000 or £ 40,000.
But on the other hand, the study showed that 31% would not invest in cryptocurrencies because they believe they have already “missed the boat”.
Investors presented their price forecasts in the survey, with 31% expecting that they expect bitcoin to hit 50,000 pounds or $ 69,000 this year, an increase of 23% over current prices. While the smaller number has a more optimistic view, 18% agree that they expect Bitcoin to reach more than £ 100,000 in 2021.
It still pales in comparison to Kraken CEO Jesse Powell’s recent prediction that Bitcoin will reach $ 1 million over the next decade. Paul told Bloomberg that if Bitcoin could replace all of the world’s currencies:
“Basically, this means that whatever the market value of a dollar or a euro is, that is what a bitcoin could be worth.”
While some UK investors’ attitudes towards cryptocurrencies are changing, more than half of respondents are still not interested in entering the market anytime soon. The survey shows that 55% of respondents don’t plan to invest in cryptocurrencies at all this year. Additionally, 52% said they were more likely to invest in the equity market and traditional assets such as gold.
These results were confirmed by another UK survey published in February, which polled 6,070 UK residents over the age of 18 and found that 57% were not prepared to invest in cryptocurrencies.