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A Fine portrait of Mr Michael Scott. Purple Background, he has a left earring. Op-Ed: A “Bit” of Obsession With Being First

Op-Ed: A “Bit” of Something To Talk About

Reading Time: 2 minutes by on November 29, 2017 Bitcoin, Commentary, News

While writing this week’s Op-Ed piece, Bonnie Raitt’s popular song Something To Talk About immediately came to mind.

Yes, I know it has nothing to do with Bitcoin. But then again maybe it does, namely, humanity’s growing love affair with this kingpin of cryptocurrency.

With the price of bitcoin soaring to new heights, the crypto world is all abuzz. At the epicenter of all of this chatter is LendEDU, a micro-financing firm for startups and entrepreneurs.

In September they surveyed 1,000 Americans about what they perceived to be bitcoin’s utility as both an investment opportunity and as a currency.

In October, they asked 1,000 Americans a series of questions related to Ethereum, Ripple, and Initial Coin Offerings. Over the last couple months, their data has shown a steady uptick in interest among many Americans about the world of cryptocurrency.

In November, they commissioned a new poll of 564 Americans who have invested in bitcoin. The goal? To test current sentiments and future expectations among bitcoin investors. Part 1 of the poll was released on November 15, 2017. On November 26, 2017 they released Part 2 of the poll conducted to the same respondents.

I personally found a number of these survey results from Parts 1 and 2 fascinating and thought I’d share them with you:

  • The average bitcoin investment value per respondent was $2,930.85,
  • 39 percent plan to hold bitcoin investments for one to three years, 16 percent plan to hold bitcoin investments for less than one year, and over 21 percent plan to hold bitcoin investments for over seven years,
  • 67 percent of bitcoin investors have not sold any of their positions since investing,
  • 64 percent of bitcoin investors plan on reporting Bitcoin transactions to the IRS, 36 percent of respondents do not plan on reporting,
  • On average, the respondents would sell all of their bitcoin investment at an astounding $196,165 per coin – roughly 30x the current value,
  • 44 percent of bitcoin investors routinely worry about the technological security of their investments,
  • 49.49 percent of bitcoin investors would rather own bitcoin through an exchange-traded fund (ETF) while that figure is just 42.55 for futures contracts,
  • 31.21 percent of bitcoin investors believe that increased regulation and oversight is a good thing for the price; 53.02 percent believed that increased participation and presence from financial institutions would have a positive impact on price,
  • 31.56 percent of bitcoin investors believe bitcoin should be classified as a commodity, 39.54 percent classified as a security, 28.90 percent are unsure,
  • 84.40 percent of bitcoin investors believe that Bitcoin will have the largest market capitalization in five years, 15.60 percent think otherwise, while 51.60 percent of bitcoin investors have invested in other cryptocurrencies (ex. Ethereum, Ripple, and more),

Now, that’s something to talk about!

For the full report and survey:

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