Survey: Wall Street investors allow the possibility of the bitcoin rate to fall to $10 000

A quarter of MLIV Pulse respondents among retail players consider the first cryptocurrency to be a “garbage” asset

11.07.2022 - 08:15

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What’s new? Wall Street investors called the $10 000 mark for bitcoin’s price the most likely. MLIV Pulse, Bloomberg’s internal blog, conducted a survey that found that 60% of 950 investors are confident in cutting the price of the first cryptocurrency in half. In this, they question the likelihood of it returning to the $30 000 level. 40% of those surveyed believe that the asset could rise to that level. As of July 11, 08:30 UTC, BTC is trading at $20 481, down by 4,09% in 24 hours, according to Binance.

Information on the Bloomberg website

What did the survey results show? Retail investors view cryptocurrencies with more apprehension than their institutional counterparts, with nearly a quarter considering the asset class to be “garbage.” Overall, respondents’ views of the digital asset sector remain polarized, with around 28% of respondents expressing a strong belief that cryptocurrencies are the future of finance and 20% stating that they are worthless.

The collapse of cryptocurrencies is likely to continue to put pressure on governments of different countries, leading to increased regulation of the industry. Most respondents see such supervision as positive, as it could increase confidence and lead to wider acceptance of cryptocurrencies by institutional and retail investors.

Government intervention is also likely to be welcomed by those affected by the Terra ecosystem collapse, the bankruptcy of the cryptocurrency broker Voyager Digital, and the freezing of funds by the Celsius platform, Bloomberg noted.

Earlier, Bank of America reported that the number of its customers actively using cryptocurrencies fell by 50% in May from its peak in November last year, when the bitcoin price reached an all-time high.

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