According to Goldman Sachs, the Fed rate cuts could be the perfect catalyst for Bitcoin adoption, aligning neatly with the Bitcoin halving.
While the price of Bitcoin and digital currencies in the cryptocurrency market might be looking at a pretty major dip, there’s still a bullish sentiment about the future of the industry according to a recent survey.
The research, conducted by cryptocurrency firm Voyager Digital, took over 3600 traders on the platform to see what they might predict the future of Bitcoin to look like. According to the survey, a whopping 81% of the respondents are confident in the future health of the market despite the crash in April where Bitcoin started plummeting to drop to less than half of its trading value after tagging its all-time high.
While some cryptocurrencies have managed to pull themselves together, the strength in the recovery still remains to be seen. Even though there’s uncertainty in the market, 87% of those in the survey said that they would increase their cryptocurrency holdings in the next four months. In the beginning quarter of this year, only 80% said the same. Voyager Digital CEO Steve Ehrlich noted that the results of the survey point towards a bullish sign in the market. His comments show that the results could be indicative of investors who took advantage of the crash to pad their portfolios rather than seeing it as a bearish indicator in the market.
“The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency shows how people see May’s volatility in many crypto assets as a buying opportunity. Our findings show that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage compared to the last survey we conducted in April.”
If investors are seeing this crash as a buying opportunity rather than a reason to run from cryptocurrency, it’s possible that this dip might see a correction sooner than expected. If the market can regain and maintain health, it might be back up to peak trading within the next few months.