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How long will the course of the Bitcoin should it stay below $ 10,000 before you throw in the towel and sell? This is in essence the question that was the subject of a poll launched on twitter by the American economist and entrepreneur Peter Schiff. The poll that targeted the bitcoin hodlers registered a massive participation with more than 28,000 votes. And if Peter Schiff, self-proclaimed “Best Enemy” of Bitcoin, essentially sought to tease the community, the answers obtained are full of lessons. Thus, if some are ready to remain variously faithful to their position for the next ten years, the majority tend to make another choice. They are thus nearly 60% to declare that they would be ready to take it to their grave, a radical choice.
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An illustration of investor confidence in Bitcoin (BTC)
At the end of this poll which recorded 28,168 voters, they were 15% to declare that it would take them a year before deciding to sell the cryptocurrency if it remained below $ 10,000. At the same time, 14% of respondents said they would wait three years and 13% a decade before letting go. The The remaining 58% said they will keep their bitcoin for as long as possible, even if it means dying without using them.. This extreme choice only translates the immense trust that his community tends to place in cryptocurrency.
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The halving that took place in May was considered by many to be the starting point for a bitcoin bull run this year. However after two months, it is clear that the situation has not really changed since the BTC is struggling to definitively exceed the 10,000 dollar mark. This is however the objective sought by the whole community, some members of which are waiting for the event to take place in order to sell their assets. In parallel (and somewhat counterintuitively) some analysts also consider that it is the achievement of this objective that will trigger the bull run so much hoped by everyone.
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Bitcoin, an asset to keep for life, for death
This tendency to keep bitcoin for as long is explained by the fact thata large part of investors see it as a safe haven. To better understand this fact, it is relevant for example to refer to statistics concerning the circulation of cryptocurrency. Chainalysis published a report on the subject revealing that only 3.5 million bitcoin are actively traded worldwide. This represents only 19% of the total bitcoin supply in circulation!
Indeed, out of the 18.6 million BTCs that have already been mined by June 2020, 60% of BTC are held by people who have never sold more than a quarter of what they owned. The various data presented in the report indicate that: “The majority of bitcoins are owned by those who treat it like digital gold, an asset to keep for the long term »
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By jealously guarding bitcoin likeor, hodlers are an important source of liquidity for the cryptocurrency market. However, they should not forget that their reserve is supported by an active trading market which is driven by traders as noted by Chainalysis.
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In the crypto-bath since 2017, both much too late but quite soon from the point of view of my future grandchildren ????
Writer, Amateur Trader, Ethereum and NEO-compatible
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