Wed, April 03, 2024 at 12:48

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    Joy

    • Hey Annie!

    • Did you know that a record 43% of people are planning to invest in crypto this year, according to The Motley Fool Ascent's 2024 Cryptocurrency Investor Trends Survey?๐Ÿš€

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  • Annie

    • Really?

    • That's a lot!๐Ÿ˜ฎ But does that mean crypto prices will go up even more?

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    Joy

    • Well, it's not that simple.

    • While more money flowing into crypto could push prices higher, there are a couple of warning signs.๐Ÿšง For one, the new Bitcoin ETFs haven't been successful in attracting new, first-time investors.

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  • Annie

    • Oh, why is that?๐Ÿค”

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  • ADward

    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... ๐Ÿ˜…

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    Joy

    • Good question!

    • The survey data shows that while people who have already owned crypto are likely to buy more this year, only 3% of those who have never owned it say they're 'very likely' to buy.

    • And only 13% say they're 'somewhat likely'.

    • So, over 80% are still 'unlikely' to buy crypto this year.๐Ÿ“‰

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  • Annie

    • Hmm...that doesn't sound too promising.๐Ÿ˜•

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    Joy

    • Yeah, and there's another issue.

    • Crypto seems to have trouble appealing to a wider demographic.

    • It's mostly young men who buy it, while older investors and women tend to be more skeptical.๐Ÿ™…โ€โ™€๏ธ

  • Annie

    • I see...so it's not expanding beyond the 'crypto bro' stereotype then?๐Ÿ˜…

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    Joy

    • Exactly!

    • But don't lose hope just yet.

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    • Institutional investors, not retail ones, seem to be driving the latest momentum around crypto.

    • They have more money to put to work, and even a small increase in their Bitcoin allocation can have a big impact on the amount of money flowing into Bitcoin.๐Ÿ’ฐ

  • Annie

    • Oh, that's interesting!

    • So, they could still push the prices up?๐Ÿ“ˆ

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    Joy

    • Yep!

    • In fact, some experts think that these investors might increase their Bitcoin allocation from 1% to 3%.

    • And some even suggest it should be over 5%!

    • So, the influx of institutional money into Bitcoin could still push up prices.๐Ÿš€

  • Annie

    • So, is this news good or bad for the market?๐Ÿค”

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    Joy

    • Well, it's a bit of both.

    • On the one hand, it's great that more people are interested in investing in crypto.

    • But on the other hand, there's still a long way to go before Bitcoin goes mainstream.

    • For that to happen, it needs to attract first-time crypto investors and expand beyond its current demographic.

    • So, it's a mixed bag really!๐ŸŽญ

    • To sum up, this article is considered a ๐Ÿ˜Bullish for investors!!