Bitcoin Price Falls to $0. 75% of Investors Will Hold

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Bitcoin Price Falls to $0. 75% of Investors Will Hold

A recent poll found that 72% of bitcoin investors are optimistic about cryptocurrency and would hold on to it even if its price fell to zero. A total of 22,635 votes were collected for this survey.

Most Bitcoin Investors Will Hodl Regardless of the Price

Twitter Plan B users, known for their stock-to-flow price prediction model, have conducted a Twitter poll to determine when bitcoin investors will sell their BTC if the price doesn't go up. The poll ended on Saturday and 22,635 votes have been counted in total.

“You may be bullish on bitcoin but what if the price of BTC doesn't increase sharply next year? When are you going to sell? "Plan B asked his followers. Among the respondents, 72.1% answered that they would hold on to their BTC regardless of price, going up to $ 0 if necessary.

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The next most popular option is to sell bitcoin when the price drops below $ 6,000, which was chosen by 16.2% of respondents. Meanwhile, only 5.9% chose to sell when the price fell below $ 3,000 and 5.8% chose to sell when the price fell below $ 1,000.

"Very proud that 72% of my followers are core con artists," Plan B commented on the results. “Bitcoin becomes $ million + or 'zero' and we drive it completely. Vision, belief, and patience are at the heart of this game. Even if there's only a 1% chance of $ 1 million BTC, it's worth it (option argument). "

Some people volunteer their reasons for peddling BTC even if the price goes down. “I am bullish on bitcoin. But even if it were close to zero, I would still struggle or buy more, it is an uncorrelated asset (hedge) for all my other investments/capital, "wrote one Twitter user. Another noted that when bitcoin became a" reserve. " global defacto, there is no reason to sell, only to use. "

Some argue that it is "very unlikely" that the price of bitcoin will not go up while others say they will "buy down," rake in cheap BTC if the price drops. At the time of this writing, the bitcoin price stands at $ 12,251.

Last month, gold flea Peter Schiff conducted a similar survey. "How much longer does a bitcoin price have to say below $ 10,000 before you give up and sell it?" Schiff asked his followers. Out of a total of 28,168 votes, 57.5% of respondents voted "I took him to my grave".

Investor confidence in the price of bitcoin has grown as evidenced by the two other polls conducted by Plan B, one in July and the other in August. In both polls, Plan B asked followers they think the price of bitcoin will hit before December this year. In July, 43% of respondents believed that the price would remain below $ 55,000, but in August only 30% believed that this was the case. Most of the respondents in the August poll believe that bitcoin prices will hit $ 288,000.

Meanwhile, more and more institutional investors are buying bitcoin. The Nasdaq-listed Microstrategy Company announced last week that it had purchased $ 250 million worth of bitcoin. Recently, the U.S. Office of the Currency Supervisory (OCC) clarified that national banks and federal savings associations are authorized to provide deposit services to customers.