Recent research suggests that Bitcoin has the strongest community of holders—addresses hold BTC for more than twice as long as they hold ETH.
Bitcoin has always had a resilient culture of HODLing. However, new research sheds light on how deep this commitment goes. Overall, the numbers bode well for the cryptocurrency aspiring to be a ‘store of value.’
HODL Your Bitcoin
You might be surprised to find out how dedicated Bitcoin holders really are. According to research done by IntoTheBlock, Bitcoin holders on average keep their BTC on an address 2.7 years before being transferred.
Now, compare that to Ethereum. Ethereum holders, on average, keep their ETH on an address 1.3 years before transferring any of it. That’s less than half of the average for BTC holders.
Regardless, both ETH and BTC clearly boast a strong holding community, unlike almost all other cryptocurrencies. That makes them both some of the best cryptocurrencies to hold long-term, granted that you believe in their underlying technology and promise.
Related: Check out our guide on the best cryptocurrency exchanges for trading Bitcoins.
Looking at the Long-Term
It goes without saying that the cryptocurrency with the most amount of holders will bode the best in the long-run. After all, that is the best indicator that there is a legitimate community behind it.
Yet, what are these holders waiting for? For Bitcoin, they likely believe that Bitcoin has only begun to reach its adoption phase. At the very least, they are waiting for the next halving set to take place in May 2020.
For Ethereum, many holders are likely looking forward to ETH 2.0 and don’t plan to sell before that monumental transition towards Proof of work and proof of stake are both ways of achieving trustless and distributed consensus on the blockchain. Many... More. However, that seems a year or so away. On current timelines, it does not seem likely that ETH 2.0 will be fully functional until 2021.
Are you a long-time holder? What’s your ultimate long-term strategy? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock, IntoTheBlock.
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