- About 50 percent of financial professionals believe Bitcoin would outperform S&P 500 in 2020
- The expectation for Bitcoin is high but its engagement is low
Bitcoin News Today – A new survey polling financial professionals and bank executives revealed that about 50 percent of them believe Bitcoin (BTC) would outperform the S&P 500 in 2020. The survey was carried out by Chainalysis – a blockchain analytics firm.
About 50 Percent of Financial Pros Believe Bitcoin Will Outperform S&P 500 Next Year
The result of the survey showed that 48 percent of the financial professionals that responded to the poll believe that Bitcoin will the investment class with the highest growth rate over the next twelve months. More than 350 financial professionals responded to the survey, including credit union and bank executives, in which asset class was more likely to be the top performer in 2020.
Bitcoin (BTC) Price Today – BTC / USD
While almost 50 percent of them said that BTC would be the highest performing asset, one-third of the respondents believe that equities such as S&P 500 would be the top-performing class. About 13 percent of the respondent predicted that fixed income such as Bloomberg Barclays Bond Index would be the leading investment class, followed by the House Pricing Index (HPI) at 5 percent.
There Is a Gap between the Expectation of Investors and Reality
The expectations for the world’s largest digital currency by market cap seem to be very high. Nevertheless, the retail engagement for the digital currency was low, according to financial providers. The majority of the respondents said that not up to 50 percent of their customers were involved in cryptocurrency. About 25 percent of the respondents said that less than 10 percent of their customers invested in the asset class.
Michael Gronager – the Chief Executive Officer of Chainalysis – commented on the gap between the expectations of investors and reality. In a statement, he said:
“Many finance professionals understand that cryptocurrency presents a massive opportunity, yet institutions are hesitant to enter the market due to perceived risk and some don’t even realize the exposure that they already have to cryptocurrency.”
The possibilities for illegal activities were cited as the fundamental barrier for professionals getting involved in digital currencies. About 25 percent of the respondents also claimed that the digital currency market was not yet big enough, adding that the industry is in its infancy stage.
Bitcoin Price Action
Bitcoin (BTC) recently broke over the $9k level, which has been its major hurdle point over the weekend. However, the bears seem to have established their presence again as the digital currency is now down to the $8,800 range. BTC is down by about two percent over the past day, and its market cap has plunged to $158.93 billion.