Bitcoin Price Surges: What People Believe

Recently, the Bitcoin (BTC) market went through a bull run, leading to a new all-time high of $41,941.56. With this, the crypto market was affected in many positive ways — new people started to join in, new altcoins were developed, and big names such as Elon Musk have been participating in different ways that support the industry.

Given Bitcoin’s mainstream exposure, the Real Research team ventured to know the public’s opinion on the mother of all cryptocurrencies — Bitcoin. We asked 300,000 participants various questions relating to their thoughts and participation when it comes to Bitcoin’s price surge.

Highlights

Survey Participant Demographics

In the beginning of the survey, our team set out to determine the demographics of the participants first — we asked their age brackets and gender. We believe that by asking this, we may be able to determine who our respondents are. This will be useful for people who are studying the Bitcoin market.

As for the question concerning gender, our team found out that most of the participants are male. A total of 68.8% said that they are male while 20.02% said that they are female. The remaining 11% answered others. Accordingly, this goes to show that interest in Bitcoin and its price surge may be male-dominated.

To clarify, based on the data we compiled, the foremost age group is 18 – 25 (40.7%) and 26 – 35 (27.6%). After that comes 36 – 45 which accounts for 17.3% of the respondents. In contrast, the older respondents come next — 46 – 55 (8.5%), 56 – 65 (3.5%), and Over 66 (2.4%). Through these results, we can easily conclude that interest when it comes to Bitcoin and Bitcoin price surges are more common in the younger demographic.

Bitcoin Trading and Bitcoin Price Awareness

When it comes to trading, price awareness, and price monitoring, our team asked the participants several questions that try to determine their involvement with Bitcoin. Hence, the results can be found below.

Out of the participants, 60.09% hold or trade Bitcoin while 39.1% do not. In particular, from this data, we can see that not all of our participants are Bitcoin enthusiasts. Thus, they may have inclinations for other cryptocurrencies or might be thinking that Bitcoin is not a safe investment considering the volatility.

When it comes to price awareness though, the percentage of people who are aware is 70% — higher than those who are trading and holding. These people might be keeping themselves aware of the prices in order to invest in BTC in the future. On the other hand, 30% are people who are not aware of the price.

When it comes to monitoring the price, the respondents admit that they do it. Out of the options, 90.9% admitted to monitoring the bitcoin price. This can be further narrowed down into groups that monitor it Always (41%), Often (24%), Sometimes (19.2%), and Rarely (6.7%). Finally, the ones who answered ‘Never’ are a minority sitting at 9.1%.

Views on Bitcoin Price Surge

When it comes to the public’s opinion on Bitcoin’s price surge, the majority (35%) of the participants believe that Bitcoin is going mainstream. Moreover, 25% see Bitcoin as a safe haven. Furthermore, almost 15% feel that more central banks are positive about bitcoin.

Succeedingly, 6% think that there might be a supply cut next year. Additionally, almost 5% feel that whales are pumping up the price. Lastly, more than 4% believe that there is a shift in investment due to the pandemic-disrupted stock market.

While these are merely opinions, there may be some value in considering how people perceive the reasons why bitcoin’s price surges. After all, people can also be one of the main drivers in the crypto economy.