The cryptocurrency market isn’t for investors with weak stomachs. But a new study by Deutsche Bank finds that the people who are betting on Bitcoin (or Ether, Dogecoin, or any other crypto) are in it for the long haul, no matter how rocky things get.
The report, called The Future of Cryptocurrencies, found that less than half of the 3,250 people surveyed would sell some or all of their holdings, even if crypto prices fell as much as 80%. That “hodl” (hold on for dear life) philosophy has been especially handy in the past few months as most cryptos are down 30% or more since November.
Many investors are new to the market, with 65% of those surveyed having jumped in over the past year, and most of those people have kept their investments below $10,000.
The majority of investors are male, said Deutsche Bank. And those male investors tend to be more bullish. Nearly one-third of males have invested in digital assets in the past year, compared to just 14% of women.
(That said, there are a growing number of groups of female crypto investors who are banding together to show that crypto is not just a boys’ club.)
How enthusiastic are those investors? Roughly 25% say they expect Bitcoin to be trading at more than $110,000 within five years. That’s actually far short of recent predictions by FSInsight, which forecast the leading crypto could be trading for $200,000 by the second half of 2022.
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