- Twitter crypto analyst, PlanB, recently made a poll to see how people feel about Bitcoin.
- A large majority (65%) seems to believe that this is the time to hold BTC, while only 4% think of selling.
- However, the analyst notes that many among the sellers are buying altcoins, and using them to get BTC.
2020 has been a very eventful year so far, with the pandemic, the stock market crash, and a global economic meltdown, to mention a few major things. In the crypto world, the prices saw a major drop in mid-March, only to see a recovery in months that followed.
Then. there was Bitcoin’s halving, as well as a constant change between bullish and bearish waves. While the crypto market appears to be holding it together, for now, many in the industry are undoubtedly confused by all the changes.
Analyst PlanB was interested in seeing what are people’s thoughts on the topic, so they made a Twitter poll, allowing people to vote on several different options.
PlanB poll results
PlanB offered their Twitter followers (116.500 individual accounts) to choose among Holding Bitcoin, Buying Bitcoin, Selling Bitcoin, or not having a BTC position.
Over 13,800 people have voted on the poll, which is quite a few votes. More importantly, this is enough to gather some important insight into what people think about what is best to be done with Bitcoin at this time.
Over 65% have admitted that they are holding BTC, while 18.3% believe that buying is the best way to go. Meanwhile, only 3.9% believe that selling is the way to go, which means that for every 1 person who is selling, there are nearly 5 buyers.
Another interesting thing is that around 12.2% of participants said that they do not have a BTC position.
PlanB commented on these results, also noting that sellers are indicating that they are trading or selling BTC in order to buy altcoins. Then. they use those altcoins to get more BTC.
In other words, no one seems to be interested in actually dumping BTC and withdrawing from the crypto industry, or abandoning the coin completely.
Even those who do sell it, only do it for trading purposes, and are eventually getting it back.