There Are Surveys and Then There Are Surveys

Last year, a survey conducted by Bitcoin IRA showed that “a third of Americans say that bitcoin will hit $100,000 by the end of 2022” and about half of Americans say the cryptocurrency’s price will rise.

Isn’t that interesting?  Even more interesting is that the pool of people surveyed consisted of a “randomized group of individuals comprised of the company’s clients, account holders, and customer prospects”.

News flash, people who own bitcoins or have expressed an interest in the cryptocurrency think it will go up.  WOW, fancy that.

Investors should be careful to fully understand the basis for any survey.  The results of surveys are highly dependent on who you ask and how the questions are framed.

All comments and suggestions are welcome.

Walter J. Kirchberger, CFA