How high do Bitcoin’s prices have to reach before the typical Bitcoin investor sells it?
According to a newly published survey from LendEDU, very high at $196,165 per bitcoin which is 30 times the currencies current market value.
They conducted this survey earlier this month, with 564 Americans who have invested in Bitcoin. With the extremely small size of the group that was asked these questions, the findings should be read with reasonable caution.
Michael Brown, a Research Analyst with the Survey company LendEDU, had an interview with Fortune and confirmed the data results, “Believe it or not, that number and statement is true according to our polling data.”
So, what would it take to actually reach that number?
When the tech-savvy younger generation spends Bitcoin, in all their everyday transactions and it steadily replaces the national currencies. Current Bitcoin investors envision that it will potentially reach that price point with the help of time and the younger generation jumping on the cryptocurrency bandwagon. Once that occurs, the cryptocurrency world will draw in “older” investors who were not previously sold on the concept’s potential.
“As it stands today, the price of cryptocurrencies is rising rapidly yet many of the most influential, older investors are still not sold on Bitcoin and believe it will collapse. Just imagine when younger Americans develop more spending power and attempt to bring Bitcoin into the forefront of the U.S. economy? At that point, the price of Bitcoin will skyrocket.”
How long exactly would this take? Possibly, a whole era.
In order for Bitcoin’s price to rise 30 times what it currently is, a generational transfer of power would need to occur. Millennials are going to need some time to establish wealth and build their presence in the economy before Bitcoin can be brought fully mainstream.
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