Posted on

Survey: Most Bitcoin Investors Expect Even Fatter Returns in 2018

Most bitcoin investors in the U.S. are expecting the cryptocurrency to perform even better next year than this year’s seventeen-fold appreciation, according to a newly published survey.

LendEDU, a digital student loan startup which has now published four such surveys asking various questions about bitcoin and cryptocurrencies, polled 565 Americans between Nov. 9 and Nov. 13, 2017. It found that roughly 77% of participants believe bitcoin’s price will grow more quickly in 2018 than it did this year.

While bitcoin started 2017 hovering just below $1,000, it was trading at more than $16,500 with highs above $17,000 as of Dec. 14, according to CoinDesk’s Bitcoin Price Index (BPI).

Perhaps as a result, nearly 75% of investors plan to increase the size of their investments in bitcoin next year, with less than 10% not planning to, the LendEDU survey found.

On the other hand, about 31.5% of respondents plan to sell at least some of their bitcoin in 2018, with 40% stating they would not and 28.5% being unsure.

A smaller majority, 51%, said they would make at least one physical purchase using the cryptocurrency, with 30% being unsure if they would or not.

LendEDU stated that regulation could help stabilize bitcoin’s price, but excessive regulation could conflict with its core principles and alienate some of its supporters. When asked, some 50% of respondents said they would not like to see more regulation, while a hair over 30 percent of respondents said they would like to see more regulation.

The team stated:

“We found that the plurality of Bitcoin investors do not want additional regulation in 2018. However, we thought it was interesting to see that 20 percent of our respondents are unsure about the idea of increased regulation.”

This survey’s results align closely with those in previous months. In November, the company noted that about a third of respondents to a survey about bitcoin had already sold some of their investment, while the majority had not.

Survey image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Posted on

Survey: Bitcoin Investors Won't Sell Until Price Nears $200k

New survey data highlights the ideological and economic factors driving some investors to purchase bitcoin.

A new report published today by LendEDU – which has conducted several similar studies in the past year – details the responses from 564 poll-takers. Of those, roughly 40% of participants said that they invested in bitcoin because they believe it is “a world changing technology.”

Twenty-one percent of those involved say its because bitcoin is “a long term store of value, like gold or silver”, with roughly 15% of those saying they bought in because a friend or family member recommended it. Those who said they think the price is “too low” accounted for 14% of respondents, while just 8% said they planned to use bitcoin as a payment method.

Notably, the survey also asked at which price participants would choose to sell their holdings. Perhaps unsurprisingly, the average of the amounts cited came out to a whopping $196,165.79 per bitcoin. Bitcoin is currently trading at around $7,680, according to the CoinDesk Bitcoin Price Index (BPI).

Further, many of those who responded to the survey don’t appear to be in any rush to sell off their investments anytime soon.

“We found that about a third, 32.62 percent, of respondents have sold some of their Bitcoin since investing. However, we found that the majority of investors, 67.38 percent, ​have not sold any of their Bitcoin investments since purchasing,” LendEDU wrote in its report.

On average, investors owned just under $3,000 in bitcoin. While 16.5 percent of these owners plan to sell within a year, 20 percent plan to hold the cryptocurrency for at least seven years.

Another noteworthy data point: just over a third of survey-takers have no intention of reporting their trades to the Internal Revenue Service (IRS), which declared in 2014 that it would consider bitcoin (and other cryptocurrencies) as a kind of property for tax purposes.

“We found that the majority, 64.13 percent, of respondents are planning to report or have already ​reported their bitcoin transactions to the IRS. Although, it was interesting to see that over a third, 35.87 percent, of our respondents are not planning to report their transactions to the IRS,” LendEDU wrote.

The survey follows two others from September and October, which indicated that younger people are becoming increasingly aware of bitcoin and different cryptocurrencies.

Survey image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Posted on

Survey: Younger Americans More Interested in Cryptocurrencies, ICOs

Younger Americans appear to be more interested in cryptocurrencies compared to other age groups. 

That’s according to the latest survey published by digital student loan servicer LendEDU, which asked roughly 1,000 U.S. citizens about ether and Ripple’s XRP token at the end of October. The questions ranged from whether people had heard of ether and XRP to if they would invest in the cryptocurrencies. 

According to the survey, 31.6 percent of respondents have heard of ethereum (with 18.2 percent planning to invest in it) while 22.2 percent have heard of XRP (with 14.8 percent intending to purchase some).

After breaking the results down by age, the data shows that roughly a third of respondents between the ages of 18 and 44 planned to invest in ether, while another third did not. The final third was uncertain.

A far smaller portion of adults aged 45 and up planned to invest in ethereum, with between 89–98 percent of respondents saying they were either not going to invest or were unsure.

The results of the research closely match LendEDU’s previous survey, which instead took a focus on bitcoin. In that survey, the majority of respondents who had heard of bitcoin were also in the younger age ranges, while older respondents indicated less awareness of the cryptocurrency.

The latest survey also looked at initial coin offerings (ICOs), finding that roughly a quarter of respondents had heard of the blockchain funding model, while 75.1 percent had not. However, there was some uncertainty around the status of ICOs among even those who had heard of them.

LendEDU said of the results:

“In our September survey, we found that 10.69 percent of Americans believed that owning bitcoin was illegal in the United States. In our October survey, we found that 21.00 percent of respondents believe that investing in an initial coin offering is illegal. And, 61.10 percent of respondents were unsure about the legality of investing in an initial coin offering.”

On the other hand, 15.1 percent of respondents said they plan to invest in an ICO in the future.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Survey image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Posted on

Survey: Younger Americans More Likely to Invest in Bitcoin

New survey data from online student loan marketplace LendEDU suggests that younger consumers in the United States are more interested in investing in bitcoin.

The startup published the results of its survey today, which was conducted online in August and drew 1,000 participants from around the US. The survey focused on a number of areas, including a basic question about whether they’ve heard of bitcoin at all. As it turns out, roughly 78% of respondents said they had.

Among the notable findings in the LendEDU survey is that, according to the data, younger consumers – those between the ages of 18 and 34, showed more willingness to invest in bitcoin than older age groups.

Of those between the ages of 18 and 24, 35.9% said they plan on investing in bitcoin, versus 43.5% who said no and 20.5% who weren’t sure. For the 25-34 age group, the “yes” figure grew to 40.4%, with 31.7% of respondents in that demographic saying no.

By comparison, just over 10% of those between the ages of 45 and 54 indicated an interest in investing in bitcoin. Less than 5% of those over the age of 55 expressed the same sentiment, the survey data shows.

In a blog post detailing the results, LendEDU predicted that this data foreshadows a greater role for bitcoin among younger consumers.

“Judging from this data, as the years go by and younger Americans develop more spending power, you can expect bitcoin to become more and more prevalent in the American economy,” the company said.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.