New research from U.K. think tank Parliament Street revealed that 25% of British investors estimate they would have made £1 million or more ($1.39 million) in profit by investing all their wealth in Bitcoin at the start of 2020.
The survey “The Great Cryptocurrency Report” polled 2,000 British investors about their confidence in crypto and general investment plans for 2021.
The poll found that 29% of respondents had been encouraged to invest by the outsize returns generated in the latest bull run in which Bitcoin prices have hit $56,000, or £40,000.
But on the other side of the ledger, the research found that 31% will not invest in cryptocurrency because they believe they have already “missed the boat”.
Investors revealed their price predictions in the survey, with 31% predicting that they expect the price of Bitcoin to hit £50,000, or $69,000, this year, a 23% increase from current prices. While a smaller number hold a more bullish view, with 18% agreeing that they expect Bitcoin to hit more than £100,000 in 2021.
That still pales in comparison to Kraken CEO Jesse Powell's recent prediction Bitcoin will reach $1 million within the next decade. Powell told Bloomberg that if Bitcoin were able to replace all of the world's currency:
“That basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth."
While the attitudes of some UK investors are changing towards cryptocurrency, more than half of respondents still have no interest in entering the market anytime soon. The poll revealed that 55% of respondents have no plans to invest in crypto at all this year. In addition, 52% expressed that they are more likely to invest in the stock market and traditional assets such as gold.
These results are backed up by another UK-based poll published in February, which surveyed 6,070 British residents above 18 and found that 57% have no desire to invest in cryptocurrency.