Almost two thirds (65%) of International Investment readers have said that they do not believe that cryptocurrencies such as Bitcoin have a place in the investment world.
In what was one of our most popular readers’ poll votes that we have ever undertaken, across the last 12 weeks, the pendulum has swayed back and forth hovering around the 50/50 marks until, not surprisingly the naysayers have tipped the balance firmly in the ‘no’ camp in recent weeks, as most cryptocurrencies values dipped to their lowest figures in 18 months.
65% voted “no” when asked, “Do you consider Bitcoin/Cryptocurrencies an investment opportunity?” in the poll with 35% stating their support with a “yes” vote.
As reported, earlier today, leading cryptocurrencies Bitcoin and Ethereum are firmly in the red. As of yesterday, Bitcoin, the largest digital currency by market cap, has fallen in price by $1,400 in 12 days, going below the $5,000 threshold for the first time since October 2017.
The bearish sentiment was echoed in a broader decline in the overall crypto market capitalisation over the last few days, however some industry figures are backing the controversial digital currency, with deVere Group’s founder and chief executive, Nigel Green, pictured left, calling the dip a perfect ‘buying opportunity’.
Green observed: “Just a few weeks ago crypto traders were airing concerns about the lack of volatility in the crypto market.
“Now volatility is back and many savvy investors will be using this as a major buying opportunity, perhaps the last one of 2018.
“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalising on the lower prices in order to build their portfolios and shore-up their positions.”
To vote in the latest II reader’s poll or view preview votes, click here.