LendEDU recently published new data that offers some key insights into Bitcoin investor expectations. LendEDU conducted several surveys over the last several months, questioning Americans about their attitudes toward Bitcoin, ICOs and a few other digital currencies. Those surveys revealed a consistent level of excitement for cryptocurrency’s potential as a currency and investment prospect.
A more recent survey focused on investors and sought to learn more about American Bitcoin owners’ investment habits and expectations. The results revealed that more than a fifth of those respondents bought Bitcoin because they believe that it is a “long term store of value, like gold or silver.” More than 40 percent purchased it because they believe in the technology’s potential to change the world.
A mere 14% admitted to buying Bitcoin for speculative purposes, while 8.16 percent plan to conduct purchases and transactions with the cryptocurrency.
Those investors also seem to be committed to long-term investment in Bitcoin. Only a little over 16 percent of them said that they planned to dump the digital currency within a year. About 39 percent planned to hold it for one to three years. More than 43 percent of respondents intend to hold for 4 or more years.
Perhaps the most interesting question involved the price at which those investors would be willing to sell their entire Bitcoin holdings:
“We found that the average Bitcoin investor would be willing to sell all of his or her Bitcoin investment at a price per Bitcoin of $196,165.78, roughly 30x the current price of Bitcoin.
Based on the previous responses in our survey, a large portion of our group of Bitcoin investors are leaning towards the long term potential of holding onto their investment.”