A survey published by Parliament Street Think Tank showed that 25% of UK investors said their investment profits would have exceeded £1 million if they had invested all their assets in Bitcoin at the beginning of 2020.
The research ‘The Great Cryptocurrency Report’ surveyed 2000 UK investors to know their positions on investments in cryptocurrency.
The year 2020 saw the price of Bitcoin surge significantly by about 700%. One of the factors that contributed to this price rally was the Covid-19 pandemic that led to the devaluation of fiat currency.
It increased the interest of investors in digital currencies like Bitcoin that was not affected by traditional financial institutions policies.
Bitcoin has sustained its price rally even in 2021, crossing $50,000 in price, due to more adoption by institutional investors like MicroStrategy, Grayscale and Tesla.
PayPal’s integration of crypto into its system for purchase and transactions also facilitated more adoption.
The current price of bitcoin is $54,614, dropping by 0.63% in the last 24 hours. Bitcoin’s current market cap of $1.02T and market volume of $60.75B. In the last 24 hours, bitcoin has dropped to $54,323.61 and experienced a 24 hours high of $57,336.75. Currently, 18,650,762.5 bitcoins are in circulation.
Stats and Image from Coin Desk
29% of investors in the survey said they considered investing in crypto because of the recent bull run.
Another 31% of investors polled are optimistic that the price of Bitcoin will hit a £50,000 valuation this year, while 18% of respondents expect the price to reach £100,000 valuation in 2021.
30% of investors confessed that they will not invest in cryptocurrency because they have missed the boat already.
Despite the excitement and optimism surrounding Bitcoin and crypto, 55% of UK investors still do not feel ready to invest in crypto this year, while another 52% still prefer to invest in gold, stocks and shares than crypto.