According to a recent survey conducted by Gabor Gurbacs, VanEck’s Head of Digital Assets Strategy, about 67 percent of current Bitcoin holders are ready to endure a major price drop that could push the asset below $3,000.
“HODLers” mentality confirmed?
As we reported , Bitcoin price has fallen in the last three months. In the late first quarter and early second quarter of this year, the cryptocurrency skyrocketed, setting new records almost every day. It all culminated in mid-April when the cryptocurrency hit its highest price line ever at $65,000. However, after the FUD initiated by Elon Musk and aggravated by China, the situations changed rapidly.
China’s movements were even stronger this time with a strict ban on BTC mining. As a result, Bitcoin started falling and lost more than 50% of its USD value in the next three months. This gave strength to critics who began to anticipate even more doomsday scenarios. Therefore, VanEck’s Gabor Gurbacs decided to see how holders would react if BTC dropped 90% from the current price line to below $3,000. The survey is not over yet, but currently many, 67.4 percent of 4,871 respondents clearly confirm that they will remain strong and hold assets.
In the event of a 90 percent collapse, could Bitcoin investors actually keep their BTC?
In May of this year, reports surfaced showing many small and new investors quickly selling off their holdings as BTC began to pull back rapidly. Some even sold it to waste, after a 30% correction. The survey speaks of a 90 percent correction.
At one time, this opened the door for more macro investors to accumulate large portions. One of them was Michael Saylor and his company MicroStrategy. Saylor recently highlighted the HODLing approach for highly valuable BTC assets. MicroStrategy CEO said that no matter how low Bitcoin’s price is, he and his company will not be pressured to sell any of their coins.