[NEWS] Expectations for price rise in cryptocurrency market in 2024: bitbank releases survey results

On the 21st, domestic cryptocurrency exchange Bitbank announced the results of a survey on the current state of cryptocurrency investment and the market conducted on 1,433 general users.

As a result, more than 51% of respondents answered that they are "managing their assets" in financial products such as NISA and iDeCo, which include cryptocurrencies. They also said that they expect cryptocurrency prices to rise and have a future in 2024.

The background to the survey is that the Japanese government decided on the "Basic Policy for Economic and Fiscal Management and Reform 2023" at a cabinet meeting in June this year, and is promoting a national strategy to promote the sustainable growth of asset management.

On the other hand, Bitbank points out that cryptocurrencies are not subject to asset management, which is a challenge for the cryptocurrency industry. In addition, they mentioned the "cryptocurrency winter era" that has continued since 2022, and said that interest and expectations for cryptocurrencies have declined due to the influence of global unrest, increasing macroeconomic uncertainty, and the collapse of major cryptocurrency exchanges such as FTX.

However, recently, with the growing expectation of approval of a Bitcoin spot ETF in the United States, cryptocurrency prices have risen and new prospects are emerging. In this context, Bitbank conducted a survey on the current state of cryptocurrency investment and the market.

Investment in crypto assets is about 6%

The survey was conducted on November 27-28 among 1,433 people. According to the survey, 6.6% of the 51.6% of respondents who said they were managing their assets were investing in crypto assets.

▶︎Source: bitbank

In addition, among the respondents who answered that they are investing in crypto assets, the majority (51.8%) actually allocated less than 5% of their investment amount to crypto asset management. 20.7% said 5-10% or less, and 15.6% said 10-30% or less.

Furthermore, the reason why they started asset management and investment was "to prepare for retirement funds" at 53.5%. The next most common answer at 35.6% was "to increase the amount of money I can use freely."

▶︎Source: bitbank

Among the respondents who do not manage their assets, 33.7% said they had no knowledge about crypto assets, and 31.1% said they thought they were too risky, revealing that knowledge about crypto assets is not widespread.

Expectations for price increases

When asked about their expectations for crypto assets in 2024, 20.3% chose "price increases" and 13.9% chose "the future of crypto assets." Expectations for tax reform and blockchain games were also high.

▶︎Source: bitbank

In response to this, the highest prediction for the highest cryptocurrency price rise in 2024 was April, when the Bitcoin (BTC) halving is scheduled to occur, at 21.7%. The previous month of March was followed by 19.3%. These results suggest that there is a certain number of people who expect prices to rise around spring next year.

▶︎Source: bitbank

As for the predicted maximum price of Bitcoin, 27% of respondents predicted 4 million to 5 million yen, while 3.4% predicted 10 million yen or more. Compared to expectations overseas, Japan has a more cautious view.

▶︎Source: bitbank

As for the reason for the rise in Bitcoin prices, "expectations of monetary easing in the United States" was ranked first with 14%. A recession in the US economy is expected next year, but "the value of the cryptocurrency Bitcoin will increase due to the unrest in the world" was ranked second. It is expected that Bitcoin, also known as digital gold, will be purchased as an alternative.

As for the cryptocurrency that people are looking forward to, Bitcoin was ranked first, followed by Ethereum (ETH) and Ripple (XRP).

▶︎Source: bitbank

Despite expectations, the top investment amount for Bitcoin was "less than 30,000 yen" at 29.8%. The most common reason given was "the small size of the cryptocurrency market in Japan." This was followed by "security issues with personal wallets" at 15.0% and "information security issues at cryptocurrency exchanges" at 14.9%, highlighting the fact that many users have security concerns.

Reference: Survey results
Image: Shutterstock

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