Some 80% of existing Bitcoin investors plan to add to their positions in March, according to a digital asset investor sentiment survey from Voyager Digital Ltd., a crypto-asset broker with 600,000 retail and institutional investors.
Investor expectations regarding Bitcoin have already been met. Survey respondents said they thought Bitcoin would hit a price between $51,000 and $60,000 by the end of this month, according to the survey conducted in late-February comprising 1,385 users on the Voyager platform.
Bitcoin today hit an intraday high of nearly $54,800, close to the all-time high price of more than $58,000 reached on Feb. 20. It then swiftly reversed course and fell 22% to close out last month.
In perhaps a sign that Bitcoin fever is raging out of control, just 21.5% of survey respondents said they believe Bitcoin is currently in bubble territory.
That said, investors aren’t totally naïve to the downside risk. The majority of those surveyed expect Bitcoin to fall between 20%-40% in the next bear market. And 6% of respondents believe the digital coin’s price will tumble 65% to 90% in the next bear market.
However, nine out of 10 investors are bullish on Bitcoin’s performance over both the next six and 12 months, Voyager Digital reported.
While Bitcoin may be the 800-pound gorilla of crypto currency, it wasn’t the digital coin investors reported being most bullish about. That would be Cardano (31.8%), followed by Bitcoin (22.2%) and Ethereum (12.2%).
When asked which was the greatest store of value among various asset classes, investors named Bitcoin and other digital assets (60%), followed by real estate (22%) precious metals (8%), equities (6%) and top-tier government bonds (1%).
Bitcoin earlier today hit a market capitalization of $1 trillion for the second time as the price of the world’s most popular cryptocurrency rallied to a two-week high amid growing institutional support.
On Monday, Norway’s Aker ASA, a $6 billion industrial holding company that controls construction and oil services companies, said it set up a unit dedicated to investing in Bitcoin and blockchain technology. The unit, called Seetee AS, is initially capitalized with more than $58 million.