Back in December 2018, CoinSchedule conducted their Annual Crypto Sentiment Survey, which was released in January this year. The new report included more than 150 respondents and focused on reflecting over the state of cryptocurrencies in 2018 and what the future might hold for 2019.
The first question in the surveyed showed that, 76% of respondents were still enthusiastic about cryptocurrencies, despite the gripping 2018 bear market. This can be interpreted as most people lurking in the background, waiting for another bull run.
Another thing the report showed is that, most people (83.8%) purchased crypto in order “to profit from the investment”. Sadly, digital assets in the case of cryptocurrencies are still mostly seen as speculative investment, rather as an instrument that eases emerging technologies.
Furthermore, the report outlined the main problems in the crypto world at the moment (from most popular to least popular):
- Lack of clear regulation
- Exchange hacks
- Uneducated investors
- Price volatility
And yes, those five really sum up the struggles that are causing the crypto slowdown at the moment. After the survey finished with reflecting over 2018, the questions focused on the new 2019.
In regards to Bitcoin’s price, respondents had the following speculation:
- $1 – $1,000 – 7.1%.
- $1,000 – $5,000 – 27.7%.
- $5,000 – $10,000 – 34.2%.
- $10,000 – $20,000 – 20.6%.
- $20,000+ – 7.1%.
Mostly, it seems people are still bullish, at least for this year, about Bitcoin. However, what the blockchain industry needs at the moment is a trigger – a trigger that will cause people to re-gain faith in the technology.
And that brings us to the next and final question in the survey i.e. “what would incentivise people to buy more cryptocurrencies?”. The answers included (from most popular to least popular):
- Improved cryptocurrency technology
- A price drop in your preferable cryptocurrency
- A clear regulatory framework
- A financial crisis
- A price increase in your preferable cryptocurrency
The CoinSchedule report ended with a few conclusions from the data, most notably the fact that most people express a lack of trust in the industry at the moment, but are still in it for the long-term.