A poll conducted by Gallup-Wells Fargo revealed that 72% of U.S. investors have no interest in ever buying Bitcoin, while 2% currently own the cryptocurrency and 26% are on the fence.
The results were based on a second-quarter Wells Fargo-Gallup Investor and Retirement Optimism Index survey conducted online from May 7 to May 14 via the Gallup Panel. The poll consisted of U.S. adults with $10,000 or more allocated to stocks, bonds or mutual funds within or outside a retirement savings account.
As of 4:00 p.m. ET, Bitcoin’s price currently stands at $7,770.55–down 4.42% the past day and down 7.36% the past seven days despite crossing the $8,000 price threshold that many Bitcoin bulls said would signal a significant rally in the cryptocurrency.
However, Bitcoin is still up 22.21% the past month due to a mix of positive news surrounding the cryptocurrency, such as increasing interest from investment giant BlackRock, the world’s largest asset manager ($6.3 trillion in assets under management). BlackRock is said to be is assembling a team tasked with the sole purpose of exploring opportunities within the cryptocurrency space.
Additionally, a number of firms have been attempting to get a cryptocurrency-related ETF into the capital markets in order to gain investor approval with the oversight of a regulatory body. The U.S. Securities and Exchange Commission (SEC) is deciding whether to approve a Bitcoin exchange-traded fund (ETF)–a request filed through the Chicago Board of Exchange (CBOE) by investment firm VanEck and blockchain platform SolidX.
Most recently, the SEC rejected the application for a Bitcoin ETF by Winklevoss Capital Management founders Cameron and Tyler Winklevoss. In what could have been the first cryptocurrency ETF offered to investors, the SEC shot down the notion that cryptocurrency markets are “uniquely resistant to manipulation.”
Related: SEC Rejects Winklevoss Bitcoin ETF
Meanwhile, other analysts view the drop below the $8,000 mark as a perfect buying opportunity to capitalize on the selling pressure.
“While it might seem crazy to the legacy markets and the Bitcoin world, this is just a normal correction” said Brian Kelly of Brian Kelly Capital.
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