See More

Bitcoin Hodlers Stand Firm: Million-Dollar Dreams Versus Reality

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Over a third of Bitcoin holders would not sell as per a poll by MicroStrategy CEO.
  • The poll received over 87,000 responses, with 30% respondents saying they would sell if BTC prices reached $100,000.
  • The Bitcoin dormant supply is increasing as hodlers refuse to sell, potentially putting pressure on supply and demand.
  • promo

More than a third of Bitcoin holders would be reluctant to sell even a small portion of it, even if prices reached a million dollars. Moreover, on-chain analysis confirms that more of the Bitcoin supply is becoming dormant as hodlers refuse to sell.

On December 6, MicroStrategy CEO Michael Saylor polled his 3 million X followers, asking how high BTC would need to rise before they considered selling a small portion of their holdings. 

Bitcoin Hodl Narrative Strengthens 

Remarkably, the lighthearted poll had garnered more than 87,000 responses in less than a day. 

This is not a small number of BTC holders, so the 36.6% of them that answered 1 million dollars or never is also remarkable.

If more than a third of Bitcoin holders never plan to sell, that would put extreme pressure on the supply and demand, potentially further inflating prices. 

However, 30% of the respondents said they would sell some if BTC prices reached $100,000. Around 19% were waiting for $250,000, and 14% would sell a portion at $500,000 per BTC.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Bitcoin author Preston Pysh said, “If only we could market weight those responses based on the amount of coins each vote holds.”

Others said they would cash out only when they needed fiat for their spending and bills.

Earlier this year, BeInCrypto reported that the Bitcoin dormant supply was increasing as hodlers refused to sell. 

Nevertheless, there is always some profit-taking during bull markets and panic selling during bear markets. The largest influencers on markets will be the whales, corporate holders, and soon-to-be ETF issuers. 

However, this week, CryptoQuant reported that there was a transaction involving 1,000 BTC that had been dormant for over ten years. 

BTC Price Outlook 

Bitcoin prices have remained steady over the past 24 hours, holding on to recent gains. As a result, the asset was changing hands on spot markets for $43,940 at the time of writing.

BTC/USD 1 week. Source: BeInCrypto
BTC/USD 1 week. Source: BeInCrypto

Resistance at $44,000 is strengthening but there is a larger band at a key Fibonacci level a little higher at $47,000. Therefore, another leg up could be on the cards before the markets correct

Altcoins are generally falling back today, with total market capitalization dropping marginally to $1.67 trillion. 

Top crypto platforms in the US | February 2024

Trusted

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored