A recent Twitter poll conducted by Binance Lite shows a high level of bullishness amongst bitcoin HODLers with a large number of the poll takers revealing that they would sell a majority of their bitcoin holdings at the price of $1,000,000 per bitcoin. To the surprise of nobody, the poll also shows that a good number of the respondents would prefer holding their bitcoin forever, unfazed by the top crypto’s price dips.
23% Of Holders Have No Intention Of Selling
Worth noting, Twitter polls are not exactly scientific. They are, however, a good indicator of public opinion. With 7,262 votes, it’s clear that bitcoin holders are bullish on the crypto in the long-term. In the Twitter poll, Binance Lite asked: “At what price would you sell the majority of your #bitcoin?”
Selling at the price of $1,000,000 was the choice of many with 32 percent (2,323 votes), beating $50,000 (24%), $250,000 (21%), and never selling (23%). These results suggest that most bitcoin HODLers have high expectations for the world’s biggest crypto despite the crypto’s fall from grace over the last couple of days.
Some of the respondents who never intend on selling their bitcoin had this to say:
“Why would I exchange my BTC for filthy fiat money thou.” @emcryption
Another Twitter user who was against selling bitcoin at any price noted:
“The question is irrelevant because it will replace fiat.” @punksskelm
Trading Bitcoin Vs HODLing
For new bitcoin holders, the nagging question is always whether to trade or just HODL (Hold On For Dear Life) their bitcoin. The ultimate goal of both trading and HODLing is to add value to the initial investment, nonetheless.
With HODLing, investors do not buckle under the pressure and sell even when the bears are in full control of the market, driven by the optimism that they will, in the long run, reap the biggest rewards once bitcoin experiences mass adoption.
Trading, on the other hand, entails buying low and selling high. In most cases, traders can make profits almost instantly. However, unlike HODLing, trading is more technical. Successful trading requires a lot of money, time and expertise before one can become good at it.
The intraday volatility seen in bitcoin is a feature, not a bug, because bitcoin is a burgeoning asset, not because it is inherently volatile. While the violent price swings are not likely to end soon, it is good to learn that a majority of bitcoin holders are unperturbed as they are planning to hold their bitcoin forever with the hope that they will reap large profits from HODLing. The old maxim that “patience pays” bodes well for these bitcoin holders.
Bitcoin As A Safe Haven
Bitcoin has constantly been touted as a hedge as fears of a recession flare-up. In other cases, investors turn to bitcoin during times of political unrest. Indeed, two days ago, reports revealed that bitcoin trading volumes in Hong Kong hit an all-time high on LocalBitcoins. This came on the heels of violent protests in Hong Kong with the Chinese government turning to surveillance in a bid to curtail the protests.
Some experts in the industry, case in point, eToro’s Mati Greenspan, observed that bitcoin trading volume reached a level never seen before, at roughly HKD $13 million, citing that this was a clear illustration of bitcoin’s growing use as a safe haven. The same has been seen in other countries like Venezuela and Argentina where the citizens are also turning to bitcoin in the face of political unrest and economic uncertainties. It, therefore, comes as no surprise that 23% of bitcoin holders have no intention of selling their precious digital assets.