A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
According to investors in a recent survey, Bitcoin is headed for a positive incline in the second half of the year, tending towards $45,000 USD or higher.
CNBC conducted a survey based on the opinions of portfolio managers and equity strategists regarding the short to the medium-term price of Bitcoin. In the survey, CNBC’s Squawk Box asked the investors where they might see Bitcoin’s value at the end of the year.
— Squawk Box (@SquawkCNBC) July 2, 2021
While 44% of the respondents say Bitcoin will fall and remain below $30,000 USD for the year, 56% are more optimistic about the future. Of the bullish respondents, 25% of the respondents think the price will increase and settle at $45,000 USD, 25% think Bitcoin will shoot to $55,000 USD and remain there at the end of the year and a minority, but not insignificant 6% foresee Bitcoin heading back to its all-time high, ranging near $60,000 USD.
Bitcoin volatility makes the price difficult to predict
Bitcoin has been hailed as digital gold, but the volatility makes it slightly more difficult to navigate expectations compared to the precious metal. It has been argued that the digital currency’s value is based on its use case and sentiment in the market, but more factors are at play. With buying the dip, panic selling, institutional investment, the adoption rate increasing, and China’s crackdown, the market could take a turn in any direction.
Getting survey results such as the poll by Squawk Box stands to give some insight into what investors see the market doing in the future. It also offers information about how the fraction of investors view the market despite the crash Bitcoin faced following its rise to peak at a new record high.