Of 564 respondents to the survey, most said they would not sell their Bitcoin investment before the coin reaches over $190,000.
LendEDU has released a new survey in which respondents said that they will be ‘hodling’ their Bitcoin until they hit over $190,000. The survey was conducted among Bitcoin enthusiasts.
LandEDU, a popular marketplace for personal and student loans conducted the survey of 564 Americans who had invested in the digital currency. The main aim of the survey was to establish the current sentiment as well as the future expectations investors have for Bitcoin. On average respondents to the poll stated that they did not plan on selling their Bitcoin investment until the coins reached a value of $193,165.
This is roughly 24 times its current value. Nearly 41% of respondents interestingly claimed that the cryptocurrency was a world-changing technology. Almost 22% said they saw Bitcoin as a long-term store of value similar to gold or silver.
But, surprisingly, only 8.16% said they were actively using the digital currency for dealings and purchases, rather than as a savings investment. It was also determined for exactly how long investors plan to hold on to their coins for.
Many of the enthusiasts who were surveyed said that a short-term investment would be negative for the price of Bitcoin. On the other hand, holding on to Bitcoin for a longer period time could be positive for the price of the digital currency.
Of those who participated, only 16.49% said that they would be holding on to their Bitcoin for less than a year. The result has highlighted the fact that only a handful of investors were planning short-term investments with cryptocurrencies.
39.54% have planned to hold onto their investment for anywhere from one to three years. 11.70% said that they will hold onto their currency for over 10 years. While only 32.62% of respondents said they have sold some of their Bitcoin since investing, the majority, at 67.38%, said that they had not sold any Bitcoin since their first purchase.
This is not the first such survey conducted by LendEDU relating to the crypto market. In September, the company asked 1,000 American students whether they had heard of Bitcoin. At the time a large amount of the respondents said that they had.
And, in October the student loan refinancing market also conducted a poll, in which it was found that younger Americans, between 18 and 34, are far more likely to invest in Ethereum, Bitcoin, and other digital currencies when compared to people from older age groups. The latest LendEDU survey has come at a time when the price of Bitcoin has surged.
Over the weekend, the digital currency hit a record high of $8,100 for the first time. Over the previous weekend, Bitcoin was sitting at $5,500.