Bitcoin
What’s fueling the cryptocurrency craze?
A recent survey conducted by Grayscale has many interesting findings that a crypto enthusiast loves to hear. The most prominent one is its revelation about the growing interest in Bitcoin among US voters. Let’s discuss some key points revealed by the Phase 2 survey, conducted by Harris Poll for Grayscale from April 30 to May 2024.
Increased Interest in Bitcoin: Statistical Data
According to the survey, nearly 47% of voters expect to include cryptocurrencies in their investment portfolios. Interestingly, when a similar survey was conducted last year (the Phase 1 survey), only 40% showed interest in including crypto. This means that since the last survey, there has been a significant shift in voters’ attitudes towards crypto.
Bitcoin price is also a key cryptocurrency-related topic discussed in the survey report. According to the survey, voters are paying more attention to Bitcoin due to ongoing geopolitical tensions, inflation, and risks to the US dollar. More than 41% of voters are influenced by the aforementioned factors, according to the data presented in the report. A crucial observation from the report is that the price of BTC in 2024 is much higher than during previous election years. On July 6, 2024, the price was $56,568. During the 2016 election, Bitcoin was valued at just $729. A significant increase in the price occurred only in 2017. On the last day of 2017, the price reached $13,841. During the 2020 election, BTC was priced at $14,036. However, in less than two months, the price peaked at $61,164. This year has been a remarkable one for BTC. The cryptocurrency’s price reached an all-time high in mid-March, surpassing the $73,000 mark.
Current Bitcoin Market Trend
BTCUSDT Chart – TradingView
The price of BTC has been showing some volatility recently. At the time of writing, the price is sitting at nearly $56,568. The price has been steadily weakening over the past few days. It has fallen by nearly 7.1% in the past week. However, it has risen by over 2.8% in the past 24 hours.
As the 2024 US election approaches, BTC is becoming more prominent in voters’ minds. Survey data clearly underscores this trend.
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