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?🚀

  • 
• Annie

  • Really?

  • That's a lot!😮 But does that mean crypto prices will go up even more?

  
• 

  Joy

  • Well, it's not that simple.

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

  • 
• Annie

  • Oh, why is that?🤔

  
• ADward

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

  
• 

  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.📉

  • 
• Annie

  • Hmm...that doesn't sound too promising.😕

  
• 

  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.🙅‍♀️

• Annie

  • I see...so it's not expanding beyond the 'crypto bro' stereotype then?😅

  
• 

  Joy

  • Exactly!

  • But don't lose hope just yet.

  • 

  • 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.💰

• Annie

  • Oh, that's interesting!

  • So, they could still push the prices up?📈

  
• 

  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.🚀

• Annie

  • So, is this news good or bad for the market?🤔

  
• 

  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!🎭

  • To sum up, this article is considered a 😍Bullish for investors!!