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85% of traders believe Bitcoin is a safe haven asset: Overbit survey

Updated: Aug 31, 2024
Published: Jun 24, 2021
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Bitcoin as an asset has evolved over the years. At this point, more people are confident in Bitcoin as a safe haven asset.

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Traders are confident of Bitcoin as a safe haven asset

A survey conducted by Overbit has revealed that a large percentage of cryptocurrency traders believe Bitcoin is a safe haven asset. The leading cryptocurrency’s price has been touted to be extremely volatile, especially by the mainstream media. However, the confidence in the cryptocurrency has grown, with retail and institutional traders now seeing it as a safe haven asset

The survey involved 3,000 traders and revealed some interesting facts about the Bitcoin market. Per the survey results, more than 85% of traders believe that Bitcoin is a safe haven asset. This is a large percentage, indicating that the belief in Bitcoin remains strong despite the recent decline in its price. “Despite its recent jump in value, the vast majority of traders remain optimistic about Bitcoin’s price movement in 2021,” the report added.

This figure was bolstered by the fact that 83% of respondents held Bitcoin at some point over the past year. Furthermore, most of the respondents believe that the cryptocurrency market is riskier than the stock market. However, 82.2% of them also believe it is more profitable.

Despite the recent price decline, crypto traders are still buying Bitcoin. 56.1% of respondents have already made a crypto purchase in 2021. Meanwhile, less than 10% of the survey’s respondent base said they have no intentions to purchase crypto again this year.

Covid-19 increased traders’ investment appetite

The Coronavirus pandemic seems to have increased the investment risk appetite for a lot of people. The report revealed that 55.7% of respondents acknowledged that the COVID-19 pandemic had increased their investment risk appetite.

The global uncertainty last year could have convinced more people to invest in financial assets. Bitcoin’s rally began during the heat of the pandemic, recovering from a low of $4k to reach an all-time high above $64k within a year.

Novice traders seem to be favoring the cryptocurrency market over the others as 32.1% of them acknowledged making no traditional investments outside cryptocurrency over the past year. Also, 19.8% of all respondents indicated that they would allocate over 90% of their investment portfolios to cryptocurrency. Thus, indicating massive confidence in the crypto market.

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