A new survey from LendEDU shows that bitcoin enthusiasts will be 'hodling' their coins with respondents willing to sell them when they hit over $190,000 each. The marketplace for student and personal loans conducted a new survey of 564 Americans who have invested in the…
A new survey from LendEDU shows that bitcoin enthusiasts will be ‘hodling’ their coins with respondents willing to sell them when they hit over $190,000 each.
The marketplace for student and personal loans conducted a new survey of 564 Americans who have invested in the digital currency. The aim was to determine the current sentiment and future expectations relating to bitcoin investors.
The poll found that the average bitcoin investor doesn’t plan on selling their investment until the coins have reached a value of $193,165, roughly 24 times its current value.
Interestingly, 40.78 percent of respondents claimed that the cryptocurrency is a ‘world-changing technology,’ whereas, 21.81 percent see bitcoin as a long-term store of value, like gold or silver. Surprisingly, only 8.16 percent said that they were using the digital currency for transactions and purchases, rather than as an investment.
The survey also determined how long investors were planning on holding their coins for. The report said:
In our thinking, a short investment time horizon would be a negative for the price of bitcoin. Alternatively, a long investment time horizon would be a positive for the price of bitcoin.
Of those asked, only 16.49 percent indicated that they were planning to hold their bitcoin for less then one year. This highlights that a number of investors are only in it for the short-term. Those planning to hold their digital currency for one to three years rose to 39.54 percent. However, on the flip side, only 11.70 percent expect to hold on for over 10 years.
Just 32.62 percent of respondents have sold some of their bitcoin since investing; however, the majority, at 67.38 percent, stated that they had not sold any since their first purchase.
This is not the first time that LendEDU have conducted a survey regarding the crypto market. In September, it asked 1,000 American students whether they had heard of the digital currency, with a large majority responding that they had.
The student loan refinancing market also conducted a poll in October, which found that younger Americans – between 18 and 34 – are far more likely to invest in ethereum, bitcoin, and other digital currencies compared to people from older age groups.
This latest survey from LendEDU comes at a time when bitcoin is experiencing a surge in value. Over the weekend, the digital currency rose to $8,100 for the first time, clawing its way back from the previous weekend’s low of $5,500. With renewed confidence in the market, it remains to be seen where it will rise to next.
Featured image from Shutterstock.
Last modified: May 20, 2020 9:47 PM UTC