CoinMarketCap crew! Welcome back to another week’s edition of “What You Said”! Here you will see fun polls conducted for our community from the past week, and some of the interesting responses we received! This space is a great way for you to hear what your peers are saying. 👂
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What You Said in Last Week’s Polls
Here are some interesting responses from last week’s polls 👀:
How much do you agree with this statement: “The crypto market’s correlation with traditional markets is growing”
– CoinMarketCap Daily Newsletter, 3/11/2020
The average response to the above question was 6.3.
12.9% of you voted 1, and 27.4% of you voted 10.
Here’s why some of you think so:
- “At this time, Bitcoin and other cryptocurrencies are perceived as being speculative high-risk investments. They are not mature enough to have attained the kind of safe haven status as gold. The stock-to-flow model of Bitcoin pricing concerns the supply side of the price equation. The demand side comes from real world adoption or speculation. The Korona virus seems like a black swan event that has pricked the everything bubble. Unfortunately, austerity or increased money printing are not the only ways to solve the debt crisis. The third possibility is to do it through defaults and historically this is the most common way. This fact puts the value proposition of Bitcoin as an inflation hedge into question. A positive very long term future of cryptocurrencies, however, remains a possibility but it will depend on real world adoption.” – Gonna be interesting to see how BTC performs in the coming months! 👀
- “Now this days only, just because of corona virus.everyone want cash in hand and this is a fact.no one wants to hold share as well as cryptocurrency,but I think altcoins will increase drastically.this 2-3 months alt will lead the market.” – Yeah, I feel that a large part of it was a liquidity crunch. Across all markets, many fled to cash to be good for short term debt. 💵
- “Trad market players now have significant capital in bitcoin etc. when they need to pull liquidity to cover fiat liabilities then it impacts us” – Possibly! 🤔
- “Equities dump and then Bitcoin dumps. It is not a hedge against the traditional markets and it is not a replacement for gold. Really in general the whole “digital gold” theory is becoming less and less believable and credible” – Well, neither was gold. Gold fell substantially during this recent meltdown too. Take a look at the total market cap wiped off the gold market during this time, and compare that with that of BTC’s. The reason for the steep drop in % terms is because the BTC market is not deep/ liquid enough at this point in time. In a market downturn, the ultimate safe haven will always be cash. I also think it’s too soon to judge whether BTC is a safe haven like gold – This can only be assessed when the BTC market is as deep as that of gold’s and then compare how it reacts vs gold in a similar event like last week’s. 💵
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How much do you agree with this statement: “Regulation is needed for the crypto space to progress”
– CoinMarketCap Daily Newsletter, 3/12/2020
The average response to the above question was 6.8.
20.4% of you voted 1, and 40.7% of you voted 10.
Here are some whys and why nots:
- “It would send a massively positive sign to the average investor which could be a significant catalyst, motivating crypto investment companies to quickly expand their services, and driving further growth.” – You got it 😉
- “We certainly require some form of regulation. The question will be to what extent!” – Yeah, the degree of control. It has to be carefully balanced in a way that fosters innovation, and yet weeds out malicious actors. ⚖️
- “Fear of the space is keeping a lot of potential investors on the sidelines. Regulating the space might allay the fears of a lot of those staying out over the lingering reputation that cypto is only being used by criminals and terrorists. – Well said! Regulation should give new bloods the confidence to tread these newer waters. Regulation can bring about recourse. 👍
- “W/O regs, good projects get slapped and shut down and fined when they did not do anything wrong, however, bureaucrats are way too slow to understand the various multi-use cases of different digital assets when viewed through the lens of traditional stocks/bonds/markets/banks/brokers.“– I think it’s changing though. Slowly more are starting to see the light. I remain optimistic! 😄
How much do you agree with this statement: “I appreciate the volatility in the crypto space”
– CoinMarketCap Daily Newsletter, 3/13/2020
The average response to the above question was 6.5.
15.2% of you voted 1, and 39.1% of you voted 10.
Here are some great responses:
- “I actually don’t care anymore. When you have been in this space for +4 years this is normal.” – Just a normal day in the crypto sphere. 🤷
- “Is this that halving event everyone is talking about?” – Bitcoin literally halved 😂
- “Is good for traders professional traders. Volatility is especially important to professional traders.” – This is true! More volatility = more action = more opportunities! 👍
- “Sometimes, yes! The dips are not so fun but can be great buying opportunities. I can’t wait for the next rocket ride up to new heights!” – I see them as buying opportunities too! 👀
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