Adversity Caused By Covid-19 Created An Opportunity For Bitcoin, suggests Grayscale’s Survey

Adversity Caused By Covid-19 Created An Opportunity ForBitcoin, suggests Grayscale’s Survey

Another fresh survey had been conducted by Grayscale Investments which is a famous crypto investment company. In the survey it had been highlighted that the pandemic came as an adversity but became an opportunity for the crypto industry. The survey suggested that during the Covid-19 crisis, Bitcoin emerged as the top product for investment purposes. The number of individual as well as institutional investors of Bitcoin had increase manifold, suggested the survey.

CEO of Grayscale told that they wanted to conduct a survey because since January, there were notable developments in the crypto industry. In these developments, Bitcoin had shown phenomenal growth since January till the end of October this year. While the rest of the crypto products too had received increased investments.

Commenting upon the survey, Grayscale’s CEO told that the survey covered consumers from ages between 25 to 64. In addition, it was told that at least 1000 consumers from the US were surveyed for the finalization of the survey. It was told that the survey was started in June this year and lasted in July.

The survey suggested that approximately 63% of Bitcoin investors were forced to look for alternate solutions for investment. They told that the economies were going down so they had no other option but to invest in Bitcoin. They also told that they are glad for making the right decision.

The survey concluded that Bitcoin owners and investors consider it to be a safe haven. They think that the inflation side effects attached with a fiat currency are not present in Bitcoin. This makes Bitcoin a must have asset because inflation does not send it down instead it further enhances its value. Also its correlation with Gold makes Bitcoin a diverse asset for investment purposes.

Meanwhile, Cynthia Lummis who had been selected as a US Senator had also told that she has full faith in Bitcoin. She told that it has been proved once again that at times of crisis, Bitcoin has the potential to overcome the crisis. She referred to the 2008’s recession and the creation of Bitcoin after that. Lummis told that apprising her colleagues about Bitcoin’s value is one of her priorities.