Economic uncertainty is turning to become a bullish condition for Bitcoin investors and the industry at large, according to a survey. As the largest crypto by market capitalization is now viewed by many people as a safe haven asset, several investors have chosen to reckon in Bitcoin to hedge against hyper-inflation. This recently played out during the coronavirus pandemic.
Bitcoin investors are buying and holding
In recent months, when the coronavirus pandemic was more severe, several governments had proposed issuing stimulus packages to residents and other measures to save the economy. Especially in the United States, the fear of inflation quickly escalated, with many investors seeking safe-haven assets to hedge against forecasted inflation. While some opted for Gold, many chose the digital currency, Bitcoin.
This was evident in a previous survey conducted by Bitcoin IRA, one of the largest retirement savings platforms that allow investments in digital currencies. Bitcoin IRA initially polled the Bitcoin investors on its platform in June, to understand their current emotion and how they were investing in the digital currency during the severe times of the pandemic.
The responses at the time were bullish. Close to 60 percent of Bitcoin investors on the platform were interested in buying and holding the cryptocurrency for a long-term. However, less than 50 percent of investors in Gold and Silver showed Interest on the assets for a long-term. Now, the retirement platform repolled the investors last month, and the picture was more bullish for Bitcoin.
Many Bitcoin investors are long-term HODLers
Following the latest survey, almost 70 percent of Bitcoin investors in the Bitcoin IRA showed interest in holding the cryptocurrency for a long-term. However, less than 55 percent of them want to hold Gold and Silver for the long term. The most reason given by the investors is the current world’s debt and the high-inflation hovering around national currencies, which was all fueled by the COVID-19 pandemic.
The Bitcoin investors on the platform are equally optimistic that the cryptocurrency will end the year between $10,000 to $15,000.