A survey shows what BTC owners would do if the Bitcoin price reached USD 100,000. Hold or sell? That is the question here.
One of the most important decisions an investor has to make is to develop an exit strategy. In other words, he must have a clear picture of when he will sell his holdings. Bitcoin is no different.
Despite the many special features it has compared to traditional investments, it is also an investment option like any other – its price goes up or down. Therefore, those who buy it as an investment must give a figure at which they would eventually sell their holdings.
An interesting survey on Twitter revealed that when the price of Bitcoin reaches $100,000, most people would prefer to sell all or part of their holdings for a fiat currency.
What exactly Bitcoin owners would do is reflected in this survey:
In a very simple question, Chris Dunn asked the Bitcoin owners what they would do if the price of BTC reached $100,000. 1,790 people participated in the survey.
- 1% of them responded that they would sell some or all of their BTC for Fiat currencies.
- 4% of respondents responded that they would sell their Bitcoin for physical assets.
- 9% said they would continue to hodel their holdings.
- 5% would do something else.
In other words, $100,000 seems to be a number that many people see as a price target for selling their BTC holdings, but a large group seems to want to keep their Bitcoins no matter what price is reached.
What motivates people to keep their BTC?
The survey shows a very interesting similarity to another survey. At the end of 2019, a survey by Binance Life showed that 23% of 7262 people had no intention whatsoever of ever selling their Bitcoin holdings. In Dunn’s survey, 20.9% of people said that they would not sell their BTC when it reached $100,000, but would “all HODLN”.
At what price would you sell most of your Bitcoin?
- 32% would sell at 1,000,000 USD.
- 6% would sell their BTC at $250,000 against Fiat currencies.
- 4% would sell at $50,000.
- 1% would never sell their BTC at any rate.
So there is a large group of people who buy Bitcoin and hold it, no matter what the price of Bitcoin is. Bitcoin Hodlers see the BTC as a viable and cross-border asset without the influence of third parties.
In a scenario where Bitcoin replaces traditional fiat currencies, as far-fetched as it may seem at the moment, “you would not need cash anyway, because you spend your Bitcoins instead”. This statement could explain the attitude of many hardcore hodlers.