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Homepage / News November 16, 2017 155 views

Survey: Bitcoin Investors Won&#039t Sell Till Price Nears $200k

Survey: Bitcoin Investors Won&#039t Sell Till Value Nears $200k

New survey information highlights the ideological and financial elements driving some investors to obtain bitcoin.

A new report published these days by&nbspLendEDU – which has performed a number of equivalent studies in the previous year – particulars the responses from&nbsp564 poll-takers. Of those, roughly 40% of participants said that they invested in bitcoin because they think it is “a planet changing technology.”

Twenty-1 % of those involved say its due to the fact bitcoin is “a lengthy term shop of worth, like gold or silver”, with roughly 15% of these saying they purchased in simply because a pal or family members member advised it. Those who mentioned they think the price is “also low” accounted for 14% of respondents, even though just eight% mentioned they planned to use bitcoin as a payment strategy.

Notably, the survey also asked at which price tag participants would decide on to sell their holdings. Probably unsurprisingly, the typical of the amounts cited came out to a whopping $196,165.79 per bitcoin. Bitcoin is at present trading at about $7,680, according to the CoinDesk Bitcoin Value Index (BPI).

Further, many of those who responded to the survey never appear to be in any rush to sell off their investments anytime soon.

“We identified that about a third, 32.62 percent, of respondents have sold some of their Bitcoin because investing. Nevertheless, we found that the majority of investors, 67.38 percent, ​have not sold any of their Bitcoin investments given that acquiring,” LendEDU wrote in its report.

On average, investors owned just below $3,000 in bitcoin. Even though 16.5 % of these owners strategy to sell inside a year, 20 percent program to hold the cryptocurrency for at least seven years.

Yet another noteworthy data point: just over a third of survey-takers have no intention of reporting their trades to the Internal Income Service (IRS), which declared in 2014 that it would contemplate bitcoin (and other cryptocurrencies) as a type of home for tax purposes.

“We located that the majority, 64.13 %, of respondents are organizing to report or have currently ​reported their bitcoin transactions to the IRS. Even though, it was fascinating to see that over a third, 35.87 %, of our respondents are not planning to report their transactions to the IRS,” LendEDU wrote.

The survey follows two others from September and October, which indicated that younger men and women are becoming increasingly aware of bitcoin and diverse cryptocurrencies.

Survey image through Shutterstock

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Disclaimer: This article should not be taken as, and is not intended to offer, investment advice. Please conduct your personal thorough analysis just before investing in any cryptocurrency.

Published at Thu, 16 Nov 2017 18:20:51 +0000