Interested in creating your own blockchain-based surveys? Get started with our Requester Dashboard in minutes!
A Bakkt survey carried out by the Insights Network team has revealed strong expectations among the community that the launch of the Bakkt platform is set to influence the price of Bitcoin beyond $20,000.
Following its initial announcement, many in the crypto community gave positive responses regarding the influence Bakkt will have on the Bitcoin price and market, setting hopes for a strong performance from Bitcoin.
They Bakkt survey has only confirmed these facts.
A number of factors were mentioned regarding Bakkt’s ability to influence Bitcoin’s price. These factors include,
- Opening up Bitcoin investment to institutions
- Secure storage for Bitcoin
- Its close association with the NYSE
- Increased Bitcoin adoption through the incorporation
- The factors mentioned were mostly given by analysts
Key Metrics and Demographics
A total number of 4,265 KYC-verified participants took part in the survey from 154 countries from around the world. There were 25,590 unique responses recorded.
- Total number of participants: 4,265
- Total number of questions asked: 6
- Total number of unique answers: 25,590
- Total number of countries participated: 154
Questions Surveyed
A survey was, therefore, necessary to determine whether these were the sentiments on the ground.
Insights Network was the team behind the Bakkt survey.
The scope was simple and clear; to determine the general feeling of the population towards the launch of Bakkt.
Respondents surveyed were drawn from the Insights Network platform, a modern blockchain-based survey solution platform.
Here are the findings of the survey.
Key Insights — Bakkt Supercharges Bitcoin Price to $20,000+
The entry of a Bitcoin futures platform in the market would generally be expected to evoke excitement amongst the community. However, the results justify why such surveys are essential in understanding the market.
More than half of the respondents questioned appear to be unsure of what to feel about Bakkt.
It would be expected that an expected increase in the price of Bitcoin would evoke some excitement; however, the results show the unexpected.
This suggests a possible disconnect between Bakkt and the respondents. It also indicates that the market has inadequate information concerning Bakkt’s entry into the market.
Based on Bakkt’s operations, the expected outcome from the market would be exciting as Bakkt opens up new liquidity streams.
The uncertainty in the market may also suggest that the market remains optimistic while also being realistic about prevailing environmental factors.
$20,000+ is the optimistic figure while figures below $20,000 show some reality in the prevailing market conditions.
Bakkt may be opening up a new liquidity stream for the Bitcoin market; however, the respondents may be questioning whether institutions are willing to participate in the Bitcoin trade.
The results above questions the faith of the market in the product Bakkt is offering.
Key Insights — Bakkt Will Allow For Much Greater Institutional Investment in Bitcoin
From the results previously seen, a figure of $20,000+ was suggested by most respondents as the likely price of Bitcoin after the launch of Bakkt.
The results above show what the respondents feel will be the driving force behind Bakkt’s influence on Bitcoin’s price.
A majority of the respondents believe that Bakkt will open the doors for institutional investments which is true.
The likely outcome of institutional investment is increased liquidity in the Bitcoin market, which majority of the respondents agree with based on the results.
However, there are other factors mentioned apart from increased liquidity which are in line with what had been mentioned at the beginning of this report.
Bakkt’s close association with the NYSE is mentioned as one of the factors that will help it propel the price of Bitcoin upwards. From the results, it is clear that the respondents feel the same way, though echoed in different thoughts.
Increased confidence in Bitcoin investment by institutional money could only be done where the hosting platform is trusted or is associated with trusted/well-known brands.
Bakkt’s association with the NYSE can boost the confidence in investors in case the investors develop some doubt about the platform.
There is also a significant percentage of respondents who are not sure what the greatest strengths of Bakkt are. It may be that the respondents feel that Bakkt is balanced; however, it may also mean that the respondents may not be sure of the functions of the Bakkt platform.
With more information dissemination, the percentage of the unsure can significantly be reduced and redistributed to other segments.
Key Insights — Uncertainty If New Bull Run Will Immediately Follow Bakkt Launch
Previous results had hinted at an unsure, uncertain market. The results above cement this thought.
Bakkt is expected to be bullish for Bitcoin. This will likely involve a Bitcoin bull run to meet the anticipated Bitcoin price rise.
The survey results show that the participants are uncertain as to whether the launch of Bakkt will result in an immediate explosion of price.
Many factors have been cited as the possible sources for the next Bitcoin bull run. Bakkt could be one of them. Thus, respondents may respond as “not sure” due to the plurality of the factors predicted to cause future price increases.
Comparing results from the survey reveals some contradictory thoughts hinting that the respondents may be unsettled.
The results suggest that Bakkt arguably need to do more in terms of getting its information to its target market. Further, as previously mentioned, the respondents appear to be maintaining and optimistic/realistic view of the Bitcoin market going forward.
This is especially seen in the second pie chart in the results above. Concerning mainstream adoption of Bitcoin, the uncertainty remains glaring.
Results from the same survey show that the respondents are optimistic of increased Bitcoin adoption as a result of the Bakkt launch. The same respondents exhibit reservations concerning increased Bitcoin adoption upon the entrance of other platforms similar to Bakkt in the market.
Conclusion of Results
The survey further cements the massive hopes many within the crypto community are placing on the launch of Bakkt for major new price discovery in the cryptocurrency ecosystem. While there is some uncertainty as to when this will happen, there is universal agreement the launch of Bakkt will only strengthen the existing cryptocurrency and architecture.
We’re excited to share more research results, and upcoming product releases with our community as well as a growing audience of early cryptocurrency adopters across the globe. Thanks for reading and your constant support of our journey!
Onwards and more insights,
Team INSTAR
Interested in creating your own blockchain-based surveys? Get started with our Requester Dashboard in minutes!
Looking to earn cryptocurrency for sharing your opinion?
Start your cryptocurrency journey on www.instarwallet.com or join the discussion on telegram!
For further information on the Insights Network, use the following links: