As Bitcoin Nears $8000, American Investors Plan To 'HODL' Until It Hits $196,000

Tyler Durden's picture

Overnight saw the price of Bitcoin surge to $7997 following Zimbabwe chaos and defaults in Venezuela, rebounding from 'the world is ending' $5555 last weekend.

However, if American investors are to be believed, the cryptocurrency has a long way to go before they are selling...

As CoinTelegraph reports, a new survey among Americans indicates that the average investor will not coimpletely exit Bitcoin until its price hits $196,000...

image courtesy of CoinTelegraph

LendEdu commissioned a survey in November 2017 of 564 Americans who had invested in Bitcoin. While surveys have been done in the past to gauge the awareness of the general public about Bitcoin, this survey focused on American Bitcoin investors and their sentiments.

We have come a long way from 2015, when 65% of Americans surveyed didn't know what Bitcoin was. The questions asked in the survey ranged from their reasons for investing in Bitcoin to when they would sell all their Bitcoins.

Sell all your Bitcoin?

The average price at which the survey respondents said that they will sell all their Bitcoins is $196,166 per Bitcoin. This represents 30x the value of Bitcoin prevailing at the time of the survey. It is to be noted that this is the price at which the respondents will sell all their Bitcoins. Almost a third (32.62%) have sold some of their Bitcoins since they started investing. It is tempting to book profits, given how the price of Bitcoin has rallied in the last year.

Most of the respondents plan to hold their Bitcoins at least one year, with only 16.49% planning to sell sooner than that. According to the survey, 21% of Bitcoin investors plan to hold on to their coins for at least seven years, and 11.7% say they will hold the currency for 10 years or longer.

Store of value or speculative investment?

While pundits debate whether people are investing in Bitcoin because they treat it as a store of value or as a speculative investment, the survey results indicate something completely different. According to LendEdu:

“The most popular selection, chosen by 40.78 percent of respondents, was "I believe Bitcoin is a world changing technology." It is interesting to see that the plurality of Bitcoin investors are backing the technology as the primary reason for investing. Often, financial professionals speculate that Bitcoin investors are chasing a big payout.”

It seems that the naysayers are wrong, and these aren’t merely “greater fools” chasing huge gains. Instead, American Bitcoin investors are apparently sophisticated enough to realize the value of the project’s technology.

The next largest group of respondents see Bitcoin as something akin to digital gold:

“The second most popular reason why investors liked Bitcoin, chosen by 21.81 percent of respondents, was for the possibility of long term storage of value of it. Many financial professionals often compare Bitcoin to precious metals like gold, silver, and platinum. For centuries, investors have used precious metals as a way to diversify away from government backed currency.”

Worried About Safety

Another big takeaway from the survey is that almost half (44.15%) of the respondents were worried about the technological safety of their Bitcoins. This isn't surprising, considering high profile cases such as Mt. Gox. That exchange, the largest in the world by volume, went bust and its former CEO was arrested in Japan on embezzlement charges. He has pleaded not guilty.

In addition to the ill-fated Mt. Gox, numerous other exchanges have faced security problems. Multiple exchanges have been hacked and their customers’ Bitcoins have been lost. While Bitcoin holders can follow certain practices like keeping their Bitcoins in cold storage to increase security, the survey shows that ordinary investors continue to worry about the safety of their coins.

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YUNOSELL's picture

Herding them cattle in for the slaughter

FreeShitter's picture

Just HODL until its time to FODL.....

FreeShitter's picture

Just HODL until its time to FODL.....

hedgeless_horseman's picture

 

Bitcoin is still early in the curve of technology adoption, maybe still Innovators, surely Early Adopters, definetly yet to cross Geoffrey Moore's Chasm.

I intend to hold until McAfee's price target of $500,000 inside of three years.

http://www.zerohedge.com/news/2017-09-11/hedgelesshorsemans-e-z-internet...

"Buy the ticket, take the ride." - Hunter S. Thompson

giovanni_f's picture

as always I am looking forward to see many absolutely dispensable, information- and utterly worthless comments along the lines of "I-have-no-idea-what-bitcoin-is-and-I-missed-the-trend-badly-but-I-warn-you-all-the-bubble/ponzi-will-burst".

hedgeless_horseman's picture

 

Do I really believe Bitcoin will hit $500,000?

Yes, because I believe people are that stupid.

Some idiot just paid $2,900,000 to fuck an American whore that claims she is a virgin...once.

 

giovanni_f's picture

American whore - redundacy at its best.

Wrenching Away's picture

Sure, because there are no whores in Italy or wherever it is you're from. There have been whores since the beginning of womankind.

IH8OBAMA's picture

$196,000!!  That's a whole lot of money for a piece of nothing.

 

tmosley's picture

Yeah, that's like a millisecond of Fed printing!

JethroBodien's picture

You know its end times when something with zero intrinsic value hits $8000.00.  Folks we are literally witnessing the final financial mania to end all manias.

 

Yukon Cornholius's picture

You think the end times are here over eight grand? Again, what about the paki who paid $3mil for some fresh poon?

hedgeless_horseman's picture

 

Allegedly fresh poon.

Unlike a Bitcoin transaction, there is no way to truly verify a whore's claim of virginity.

slightlyskeptical's picture

We will see once the last bitcoin is mined. Right now miners are covering the cost of tranasctions. When there is no more mining what will be the transaction charges on bitcoin? What will be the charge for simply holding Bitcoin? No one will be doing it for free.

DaemonMe's picture

You mean we'll se in 2140 what the costs of transactions are? I doubt any of us here will have that chance.

Oswald did it's picture

12hour transaction time and $15 fees.  Tell me again how Bitcoin is revolutionary?  It seems unusable to me.  Paypal is a better option at this point

tmosley's picture

Core downgraded BTC to become SlowHighFeeCoin instead of making their own, because they knew that no-one would ever want that shit if offered under some other name.

DownWithYogaPants's picture

Anyone who still believes Oswald did it is not the sharpest tool in the shed.

rccalhoun's picture

those who are mining right now are cleaning up. sell 2 out of 3 mined BTC and buy physical gold and keep the 3rd BTC as the opposite end of the same hedge against a global financial collapse.

Deplorable's picture

Buy the miners...HIVE Blockchain...$2.85 per share now.

https://www.hiveblockchain.com/

AlphaSeraph's picture

Yes. HIVE has its data centers set up to provide computational power to any blockchain it feels is best/most efficient. It focuses on Ethereum, but if Ether goes the way of the dodo bird all of the infrastructure is there to work another blockchain.

I think HIVE has an excellent chance to be a home run growth stock.

kochevnik's picture

Lightspeed compared to fucking banks

Jay's picture

Depends on the amount you're transferring and where. The transaction fee is the same whether you're transferring $15 or $15M. My bank won't transfer any money out of the country for any fee. BTC? No problem.

11b40's picture

A better option for what exactly?

 

blentus's picture

40 minutes, 6 consecutive confirmations, 1.2 EUR.

Done it yesterday. Without Segwit.

Stop being an idiot. Please complain about something else, anything else.

I don't know - complain about Blockstream patent or anything else - just stop with transactions fees.

Deplorable's picture

And what about that Davinci painting going for 450 million.....

Talk about money laundering.

JethroBodien's picture

All this would be funny if it wasn't so farcical.

http://ottawacitizen.com/entertainment/local-arts/newmans-revenge-the-va...

 

In this brave new world Mark Rothko is a bloody genious.  An artistic savant.

 

RedDwarf's picture

"intrinsic value"

Again someone who does not know what the word 'value' means.  Value is the regard or utility someone has for someone or something else.  Saying 'intrinsic value' is like saying 'intrinsic love'.  It is gibberish, coming from an uneducated mind mired in magical thinking.

Mr. Universe's picture

Intrinsic value is another way of saying this item has value other than monetary, that's all. Say I grew a perfect orange and I sold it on the Japanese market for $75 each. For some reason the Japanese value perfect fruit much higher than a normal piece of fruit, however at the end of the day both the perfect and normal orange will feed you the same. That's intrinsic value. However thanks for your insults due to your ignorance.

RedDwarf's picture

I'm not a mind reader.  If you're going to use two English terms "intrinsic' and "value" and marry them together to mean something very different from what the marriage of those words should mean, you have no right to complain about being called out on it.  Take ownership of your use of the languge.

As to your statement that you meant external utility, that is both good and bad.  If X has utility both as money and as something else (salt for example in the past), then you introduce volatility external to it's use as money.  The salt mines collapse, people eat their salt over time (you need a certain amount of salt to live), their monetary system goes haywire.  If they had been using gold for example instead of salt, yes the price of salt would go up, but the quantity of money would not have changed.

That's just an example, but the point is that there is a risk in having your 'money' have utility outside of being money.  It's supply, demand, and value can shift dramatically due to reasons that have nothing to do with it's role as 'money'.  The reward of course is that if X's utility as money itself collapses, if X has utility outside of it's role as money it will retain some portion of it's price based on it's utility in the other role.

Silver used to be stored by central banks just like gold still is.  They stopped treating it as money when silver became a critical industrial metal.  The money masters, despite their rhetoric, still treat gold as money, but they no longer treat silver as money.  They at least fall on the side of the argument that you don't want your 'money' to also be something else.

 

Mr. Universe's picture

I'm not a mind reader either but I do have a dictionary.

I'm not a mind reader.  If you're going to use two English terms "intrinsic' and "value" and marry them together to mean something very different from what the marriage of those words should mean, you have no right to complain about being called out on it.  Take ownership of your use of the languge.

From dictionary.com 

intrinsic [in-trin-sik, -zik] adjective
1. belonging to a thing by its very nature:  
the intrinsic value of a gold ring.
2. Anatomy. (of certain muscles, nerves, etc.) belonging to or lying within a given part.
Gee whiz, lookie there. Intrinsic and value used together by authorities on the English language. They indeed take ownership. As for me I'm going back to being gay for the rest of the day, La de fucking dah.
RedDwarf's picture

Value cannot be intrinsic you fucking dumbshit based on the definition of VALUE.

giovanni_f's picture

but intrinsic sounds so...deep. Now imagine all those panicking money experts here had he used the term extrinsic to give expression to his thoughts on a purported property of bitcoin (and no, I am not trying to imitate Ghordius with this pseudo-philosophc brabble).

daggerhashimoto's picture

>muh zero intrinsic value.

 

Listen carefully.   Bitcoin Blockchain is THE MOST IMMUTABLE DATABASE EVER INVENTED BY MAN.

Data goes in, and after about an hour, it becomes UNCHANGEABLE. do you understand you pin head?

there is no other database in the world that has that property. EVERY OTHER database has an admin with root access. They can change what ever the fuck they want. it is possible. with bitcoin, IT IS IMPOSSIBLE. even if jesus himself came down, it's not possible!

 

tell me again it has no intrinsic value you dip shit.

JustUsChickensHere's picture

Not quite right.

The precise way to express that, is that imutable  - that is an "intrinsic attribute"     and some people value that attribute.

 

(Bloody stupid text entry is stuck on bold!)


TheReplacement's picture

"You know its end times when something with zero intrinsic value hits $8000.00."

You know it's end times when something with zero intrinsic value is measured by another thing with zero intrinsic value and called a mania.

tmosley's picture

The tether ponzi will likely continue until intervention by regulatory authorities, which will lead to a domino effect of exchange collapses all around the sector.

Best to get an account someplace that doesn't use tether, so has limited exposure. I like gemini, though coinbase/GDAX also doesn't use them. The latter has poor customer service though.

blentus's picture

You are, literally, copy/pasting daily arguments from /r/btc. As the shit appears on /r/btc, the same day or the next you post them here.

2 days ago, /r/btc was full of "Bilderberg coin" conspiracies. You suddenly start spamming ZH with that shit. Yesterday, all the talk was about Tether. Today you start with that shit.

Please, stop being retarded. Thank you.

tmosley's picture

That's not an argument.

TuPhat's picture

'That's not an argument'  is not an argument.  Why argue?  I will hold on to my gold until it is deemed worthless, you can hold on to your bitcoin until it is worthless.  I can still take out the gold and look at the shine.

tmosley's picture

You don't need arguments to counter non-arguments.

He attacked the source of the arguments, rather than the arguments themselves. This is ad hominem which is NOT AN ARGUMENT.

blentus's picture

I have not attacked any arguments.

I am just saying that you are dumb.

silverserfer's picture

theres no need to argue. Everyone here has already decided how much of an idiot you are. Common knowledge. Your starting to make phonestar look like francis sawyer.

83_vf_1100_c's picture

Busted. The tmos emperor has no clothes.

Pic of a canoe loaded with gold. Financial gurus compare bc to gold. Etc. Keppy telling the same lie long enough and the sheeple will belive bc is gold. It is not.

DaemonMe's picture

I hope we aren't truly *hoping* for some authority's intervention. Even if that would put a stop to the perceived manipulation, right?

If you're just stating that as in "it will happen matteroffactly", though... With the development of numerous off-mainchain exchanges and other P2P solutions, it soon won't play any substantial role anymore. Even now, it could not break the network, it could only delay the more mainstream adoption. Nothing time could not fix.

tmosley's picture

The sooner this is stopped, the better. Doesn't matter who it is that stops it.

>Nothing time could not fix.

I agree, which is why I will be waiting in cash for the fallout to settle down, and buy back in. Crypto is the future, but fraud schemes in crypto are not.

blentus's picture

> Crypto is the future, but fraud schemes in crypto are not.

And yet, you went and spam-recommended BCH last weekend.

Go figure.

quadraspleen's picture

"The latter [Coinbase] has poor customer service though."

 

Understatement of the year

hongdo's picture

I don't think for the most part people buying bitcoin are stupid - greedy maybe.  This is an indication of what inflation is really doing.  People are floundering to find some place to store value - or spend it before it is worthless.  Inflation starts in discretionary things and then progresses to essential things.  Financial playthings > yachts > exotic housing > art > homes > healthcare > education > food > water.

People feel what's coming but don't know what to do about it. You might not want the whore, but would you buy a bottle of Jack for $100,000 if you knew the $100,000 would be worth $.05 tomorrow?