Bitcoin investors are really bullish: target price $200000

7 years ago - Published in Finance, Fintech Land, Technical Analysis

New survey data highlights the ideological and economic factors driving some investors to purchase bitcoin. Financial resources provider LendEDU has just published the results of a new investor survey targeting Bitcoin users, and the respondents feel bullish on the current number #1 cryptocurrency, to say the least.

The new report details the responses from 564 poll-takers. Of those, roughly 40% of participants said that they invested in bitcoin because they believe it is "a world changing technology."

Twenty-one percent of those involved say its because bitcoin is "a long term store of value, like gold or silver", with roughly 15% of those saying they bought in because a friend or family member recommended it. Those who said they think the price is "too low" accounted for 14% of respondents, while just 8% said they planned to use bitcoin as a payment method.

Notably, the survey also asked at which price participants would choose to sell their holdings. Perhaps unsurprisingly, the average of the amounts cited came out to a whopping $196,165.79 per bitcoin. Bitcoin is currently trading at around $7,680, according to the CoinDesk Bitcoin Price Index (BPI).

This means a considerable number of respondents to LendEDU’s survey perceive Bitcoin as being able to times its current price an astounding 30 times over in the coming years. This averaged, groupthink projection would mark a nearly 2500% increase from Bitcoin’s current price.

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.

Another noteworthy data point: just over a third of survey-takers have no intention of reporting their trades to the Internal Revenue Service (IRS), which declared in 2014 that it would consider bitcoin (and other cryptocurrencies) as a kind of property for tax purposes.

"We found that the majority, 64.13 percent, of respondents are planning to report or have already reported their bitcoin transactions to the IRS. Although, it was interesting to see that over a third, 35.87 percent, 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 people are becoming increasingly aware of bitcoin and different cryptocurrencies.