Bitcoin may not reach $50k by 2030: Genesis Mining survey

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Bitcoin may not reach $50k by 2030: Genesis Mining survey

By Hassan Maishera - min read
Smartphone with Bitcoin chart on-screen among piles of Bitcoins

A recent survey shows that investors are bullish on Bitcoin but don’t believe the cryptocurrency would top $50,000 by 2030

Bitcoin (BTC) is attempting to cross the $20,000 mark for the first time in its history after a significant rally in 2020. However, despite the cryptocurrency’s current bullish stage, most investors don’t believe that it would add $30k to its current price over the next decade.

A recent survey from Genesis Mining revealed that most investors are not expecting Bitcoin’s price to surpass $50k by 2030. Genesis Mining surveyed 1,000 current, and former US-based Bitcoin investors, and most of them share the opinion that Bitcoin’s price would go higher but most respondents were apprehensive about the cryptocurrency reaching target price.

More than two-thirds of the respondents don’t see BTC price crossing the $50k line over the coming decade. However, they believe that Bitcoin will surpass other investment classes like gold, real estate and the stock market in the coming years. More than 65% of the respondents agree that Bitcoin’s value will continue to increase.

Genesis Mining wrote that “The findings of our survey could be a crystal ball not only for the future of Bitcoin, but alternative investment vehicles like gold, stocks, dollars and real estate as well”.

Bearish forecast

The survey results showed that only 17% of the respondents believe that Bitcoin’s price would reach $50,000 by 2030. For Bitcoin to reach $50,000, the cryptocurrency’s price must rally by 160% over the next ten years. This seems like an impossible task for most of the respondents despite Bitcoin rising by 166% year-to-date.

Out of the 1,000 surveyed individuals, 17% of them have contrary views and believe Bitcoin’s price would fall over the next ten years. They are bearish on the cryptocurrency and don’t believe it could maintain its current price.

Around 50% of the respondents feel that BTC will be worth $20,000 or less by the end of the coming decade. One-third of the respondents predicted that the cryptocurrency would be trading at $10,000 or less, and 11.8% forecasted prices to drop towards the $1,000 region.

Not all predictions were bearish. One-tenth of the respondents tipped Bitcoin to reach six-figures or more in a decade, with more than half of them expecting BTC prices to exceed $500,000 by 2030.

More than 30% of bullish respondents think that Bitcoin adoption would lead to a decline in fiat currencies’ trust. 25.8% of the bullish speculators predict that a major economic depression would push people to use Bitcoin and other cryptocurrencies.

Finally, nearly half of respondents believe that Bitcoin adoption has more room for growth despite the political forces affecting the market.