The survey exclusively polled citizens who have traded in cryptocurrencies before, with the intention to analyze factors which lead to crypto investments.Surprisingly, there were a handful of enthusiasts, about 23%, who believed that the king coin will hit the ATH in 2023 itself. While the optimism was noteworthy, it looked far-fetched given the momentum of the market.
A substantial 2/3 of the respondents chose “supply and demand” as the primary reason influencing market fluctuations. Considering that the all-important BTCBTC’s supply is hard-capped at 21 million and the coin is steadily moving towards scarcity. The quadrennial halving cuts miners’ block rewards in half and lowers the number of tokens in circulation. Historically, these occurrences have preceded bull markets.
The halving in July 2016 was followed by a 3x rise in BTC’s value over the next 12 months. Similarly, the last halving in May 2o20 saw the king coin explode by 500% in the following year.Global macroeconomic trends including inflation and U.S. monetary policy, was highlighted as another major factor influencing crypto prices.have taken refuge in cryptos, more specifically stablecoins. And with a strong possibility of the U.S.
Just to add a tinge of AI to things, we threw a question to ChatGPT regarding the trends developing in U.S. in the face of growing regulatory scrutiny. The bot, in its usual politically correct state, said that while some may be enchanted with Bitcoin’s safe haven narrative and continue to stick, others might adapt to comply with regulations.