HODL
A recent Twitter poll revealed an interesting selling sentiment among the community. The majority of respondents plan to sell most of their Bitcoin holdings at $1,000,000. However, almost a quarter of all who expressed their view answered that they intend to keep their Bitcoin forever.
Binance Lite took to Twitter to ask for people’s opinion. The question was simple: “At what price would you sell the majority of your Bitcoin?” Voters could choose between four answers.
At what price would you sell the majority of your #bitcoin?🤔
— Binance Lite (@binanceliteau) October 3, 2019
As of this moment, 31% of all voters selected $1,000,000 as their selling price. 25% claimed that $50,000 is the amount at which they will sell most of their Bitcoin holdings. A quarter of a million dollars was the least popular answer with only 21%. However, 23% of voters selected “never”. 4,391 is the total number of voters as of now, meaning that 1,009 of them are planning to keep their Bitcoin forever.
One of the biggest questions in the crypto community has been whether or not one should be trading or simply holding their funds. While the goal appears to be the same – increasing the value of one’s investment – the two strategies pursue it in different ways.
Trading cryptocurrencies can be quickly profitable, as trades are sometimes executed in an instant. However, the same is true if one’s trade starts going south. The idea here is to buy an asset at a low price and sell it when it’s high. It requires solid knowledge and experience in this field. Sometimes, trading crypto differs from trading any other commodity. For example, a stop-loss for crypto position could lead to disaster because of the market’s volatility and severe price swings.
Holding – or HODLing – crypto is a different way to approach things. Generally, the person who has purchased cryptocurrencies also expects the price to go higher. However, daily trading is abandoned, replaced by a long-term play without interfering with any of the price action. Bitcoin has proven itself to be worthy of being held, with positive results throughout almost all of its existence. However, altcoins might be another story, especially when compared to the largest cryptocurrency by market capitalization.
As the Twitter poll shows, 23% of people intend to keep their Bitcoin forever, sticking with the belief that holding Bitcoin will deliver optimal results.