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What’s fueling the cryptocurrency frenzy?
A recent survey conducted by Grayscale has many interesting findings that a crypto enthusiast loves to hear. The most notable one is its revelation about the growing interest in Bitcoin among US voters. Let’s discuss some key points revealed by the Phase 2 survey, conducted by Harris Poll for Grayscale from April 30 to May 2024.
Growing Interest in Bitcoin: Statistics
According to the survey, nearly 47% of voters plan to include cryptocurrencies in their investment portfolios. Interestingly, when a similar survey was conducted last year (the Phase 1 survey), only 40% showed interest in including cryptocurrencies. This means that there has been a significant shift in voters’ attitudes towards cryptocurrencies since the last survey.
Bitcoin price is also a key cryptocurrency-related topic discussed in the survey report. According to the survey, voters are paying more attention to Bitcoin due to ongoing geopolitical tensions, inflation, and risks to the US dollar. Over 41% of voters are influenced by such factors, according to the data presented in the report. A key observation of the report is that the price of BTC in 2024 is much higher than in previous election years. On July 6, 2024, the price was $56,568. In the 2016 election, Bitcoin was valued at just $729. A significant increase in the price occurred only in 2017. On the last day of 2017, the price touched $13,841. During the 2020 election, BTC was quoted at $14,036. But in less than two months, the price peaked at $61,164. This year has been a banner year for BTC. The cryptocurrency price reached an all-time high in mid-March, breaking the $73,000 mark.
Current Bitcoin Market Trend
BTCUSDT Chart – TradingView
BTC price has been volatile recently. At the time of writing, the price was around $56,568. Over the past two days, the price has been steadily weakening. It has dropped by almost 7.1% over the past week. But it has risen by more than 2.8% over the past 24 hours.
As the 2024 US elections approach, BTC is becoming increasingly important in the minds of voters. The survey data clearly underlines this trend.
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