60% of users will HODL Bitcoin forever if price remains below $10k
I want to start of this short blog by asking you all a question. How much do you care about your BTC? This question was inspired by a poll created by famous personality and American Stock Broker Peter Schiff who asked the twitter community to answer when they would let go of their Bitcoin if it failed to cross $10,000. In perhaps what was a surprising result, 60% of BTC fanatics were prepared to take their crypto’s to the grave with them. Perhaps it was because of the mental $10k barrier that they do not want to sell it just yet. Or perhaps they believe that Bitcoin will cross into a new All Time High towards $20k again. Whatever the reason is, we know one thing for sure. The Bitcoin HODLing community is strong and determined and has full faith in BTC’s potential.
With a massive percentage of twitter following responding to his poll reaching more than 28000 votes, we can say that there is a fair chunk of BTC HODLers in the mix making this survey quite authentic and real. Unlike some of the news that you hear circulating around the community regarding the infamous Bitcoin, this one has actually shed some light on the current situation. Chainlysis, which is a crypto data analytics company states that most Bitcoin holders do not want to sell their BTC since they regard it as digital gold. Whether this is true or not, we know one thing for certain. Data shows that 60% of the total Bitcoin that has been mined as of June 2020 is held by people or businesses. What’s even more surprising is that these entities have never sold more than a quarter of the BTC they have ever received. That is some strong commitment. The other data shows that 19% of BTC is actively traded in the crypto space while 20% of the existing Bitcoin supply has not moved from their addresses in 5 years what the company is calling lost Bitcoin. 20% of something with a total market cap of $170 Billion. That is quite the amount.
As for the people in the poll, 15% are willing to wait another year for BTC to cross $10,000 and with its recent trend, that might not be far off. 14% are willing to wait for 3 more years before throwing in the towel whereas 13% are willing to wait 10 years before giving up if BTC does not cross the $10k resistance. But the main number is those people who will never let go. Just like Jack in Titanic, they are willing to keep HODLing forever (Literally). 58% users or a little more than 16.3k respondents are prepared to take their BTC to the grave if it doesn’t push up. Not sure how that is going to benefit them if they are dead but it definitely shows the commitment, they have into holding BTC and the faith they have in the king of crypto for rising once again into territories befitting its standard. With the current Bitcoin price fluctuating all over the place going close to breaking into the $9,500 range just a few days back and decreasing below the $9,000 a few weeks back, we cannot say for certain where things are going. Valued at $9,234 at the time of writing, Bitcoin has developed a very strong link with the stock market and Covid-19 news in recent weeks. Whether this is a good thing or a bad thing for the HODLers, only time will tell.
So, what is your opinion on this topic? Is Bitcoin going to stay below the $10,000 range? If not, when will it go up? Did you participate in the poll? What would you do if the choice were upto you? What potential does Bitcoin have right now and what will its value be at the end of 2020? Let us know your thoughts in the comments below or share your own opinion to get featured on our platform.