A new survey suggests that almost half of millennial online traders have more trust in cryptocurrency exchanges compared to the US stock market. Could this change in sentiment boost Bitcoin’s price?
A Challenging Year for Bitcoin Price
It goes without saying that 2018 has been nothing but challenging for Bitcoin. Towards the end of 2017, the cryptocurrency peaked at a price point of around $20,000.
What followed was a massive pullback, resulting in a drop of about 80 percent. At the time of this writing, Bitcoin is trading at around $4,000, according to data from CoinMarketCap. Bitcoin’s Dominance – the indicator measuring Bitcoin’s share in the total cryptocurrency market capitalization is sitting at 52 percent.
The cryptocurrency has officially entered its longest downturn period since inception. All of the bullish predictions of financial and cryptocurrency experts were shattered and missed by a long shot.
Are the Tides Turning?
My Bitcoin News reported earlier this week that Bitcoin price hit $4,000 but more importantly, it saw its highest volume day in 10 months.
High volumes were also recorded on over-the-counter trading platform LocalBitcoins which saw its absolute all-time high USD trading volumes during the week ending on February 16th.
Now, a new study also hints that there might be a change in sentiment regarding Bitcoin and cryptocurrencies in general.
A nationwide survey conducted among 1,000 online traders from the US, held by eToro, reveals that 43 percent of millennial online traders have more trust in cryptocurrency exchanges than the US stock market.
What is more, 59 percent of the respondents who don’t trade cryptocurrencies said that they would invest more capital in it if it was offered by a traditional financial institution. 92 percent of the surveyed traders said they’d feel more comfortable if this had already happened.
Speaking on the matter was Guy Hirsch, the managing director of eToro US. He said:
We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. […] Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.
With institution-backed cryptocurrency solutions such as Bakkt and Fidelity’s custody closing in, perhaps the tides really are turning.
What do you think of the current cryptocurrency market condition? Share your thoughts down below!