Data: 29% of British investors are encouraged to invest in Bitcoin by the bull market

A new study from British think tank Parliament Street shows that 25% of British investors estimate that they would have made a profit of £1 million ($1.39 million) or more if they had invested all their money in Bitcoin in early 2020.

A survey called “The Great Crypto Report” consulted 2,000 UK investors about their plans for cryptocurrency investments and general investing in 2021.

The survey found that 29% of respondents were encouraged to invest by the huge returns of the recent bull run, which saw the price of bitcoin reach $56,000 (£40,000).

On the other hand, the study found that 31% of investors would not invest in cryptocurrencies because they believe they have "missed the opportunity."

Investors revealed their Bitcoin price predictions in the survey, with 31% of respondents predicting that Bitcoin will reach £50,000 ($69,000) this year, 23% higher than its current price. A smaller number were more optimistic, with 18% predicting that Bitcoin will exceed £100,000 in 2021.

But it still pales in comparison to Kraken CEO Jesse Powell’s recent prediction that Bitcoin will reach $1 million within the next 10 years. Powell told Bloomberg that if Bitcoin could replace all of the world’s currencies:

“What that basically means is that whatever the market cap of the dollar is, whatever the market cap of the euro is — all of that adds up to what Bitcoin is worth.”

Although some British investors' attitudes towards cryptocurrencies are changing, more than half of the respondents still have no interest in entering the market in the short term. The survey showed that 55% of respondents have no plans to invest in cryptocurrencies this year at all. In addition, 52% of respondents said they are more likely to invest in traditional assets such as stocks and gold.

These results are backed up by another UK poll published in February, which surveyed 6,070 UK residents aged 18 and over and found that 57% had no intention of investing in cryptocurrencies.

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