Bitcoin Investors are “Buying the Dip” in Anticipation of a Bounce Back to $55K in Six Months, Morning Consult Study Shows

Bitcoin investors are still optimistic because they continue stacking with the expectation that the price will rebound to the $55,223 level in six months, according to a study by data intelligence company Morning Consult.

Charlotte Principato, Morning Consult’s managing director, stated:

“That means consumers have so far proved less nervous about bitcoin’s price drop this time around compared with last summer, when its price plummeted.”

The study noted that approximately 21% of the respondents in the U.S. were inclined to buy Bitcoin even at lows of $32,983 recorded recently. 


Morning Consult acknowledged that the percentage of U.S. investors who could buy the cryptocurrency nosedived from 17% in May 2021 to 13% in July of the same year.


During the time, Bitcoin shed off more than 50% of its value by dropping to lows of $28,000 as Chinese authorities intensified their crackdown on crypto mining. 


The most bullish respondents were holders of Bitcoin worth more than $500 because they anticipated the top cryptocurrency to surge to $62,439 in the next six months, bringing it closer to the all-time high (ATH) price of $69,000 recorded in November 2021. 


“Making money” emerged as the primary reason that made investors at 70% jump on the Bitcoin bandwagon, per the study. 


The report also acknowledged that Bitcoin investors were more risk-tolerant than the general population because they had a four times likelihood of accepting financial risks. 


On the other hand, analysts have opined that Bitcoin needs to breach the high resistance zone between $38,000 and $40,000 for significant upward momentum. 


Meanwhile, crypto adoption continues experiencing an uptick, given that payments associated with Visa’s crypto-lined cards soared to $2.5 billion during the company’s fiscal first quarter of 2022. 

Image source: Shutterstock


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Study: 58% of video game developers are already using blockchain

A new study from the United Kingdom revealed that most game studios have already started exploring blockchain technology for their upcoming titles.

Commissioned by blockchain platform Stratis and undertaken by insight agency Opinion, the new research surveyed 197 video game developers in the United States and the United Kingdom. The results showed that 58% of developers are beginning to use blockchain technology, and almost half of the respondents (47%) started incorporating nonfungible tokens (NFT).

The study indicates developers’ confidence in blockchain and NFTs, as two-thirds of studios expect blockchain to become prevalent in the gaming industry within the next two years. While 72% of respondents are considering using blockchain and NFTs in upcoming games, more than half (56%) plan to apply the new tech within 12 months.

Speaking to Cointelegraph, Stratis CEO Chris Trew explained that blockchain techn, tokens and NFTs are vital technologies for new digital worlds and gaming experiences. “They enable players to own a stake in the games they play by, for example, buying land within a metaverse game as an NFT or a car in a racing game,” he said.

“Historically, games have been pay-to-play, and the value accrued only to companies and platforms. Blockchain and NFTs turn this situation on its head,” Trew added.

The top three benefits of blockchain for the video game industry are innovative gameplay (61%), securing value for players by keeping money in the game (55%), and rewarding players with real-world value (54%), according to the study.

While indie game developers moved to the blockchain and NFT space first, with around 20 of them working with Stratis blockchain, Trew believes that major developers, also known as AAA companies, won’t be far behind. Big names such as Ubisoft and EA have already announced their interest in the technology, and Epic Games has welcomed blockchain games to its platform.

Related: Ubisoft will seek to invest in and create blockchain games

Game developers’ interest in blockchain focuses on decentralized finance or GameFi (57%), the play-to-earn model (46%), NFTs offering in-game item ownership (44%), and in-game digital currency (42%).

Game developers will consider play-to-earn games’ network effect, or players will simply migrate to games that reward them for their time, Trew commented. “Gamers are passionate. Giving them a chance to have a stake in the game, to be able to earn money in the metaverse just like you can in the real world is revolutionary.”