Gabor Gurbacs, the Director of Digital Assets Strategy of VanEck, conducted a survey recently that revealed around 70% of the hodlers said that they won’t sell their Bitcoin holdings even if the BTC price falls below $3K. As revealed in the survey, even if the price of cryptocurrency falls by over 90%, they won’t sell Bitcoin and this is in contrast to the recent market situation after a heavy hit on the crypto market by China and Elon Musk.
Hodlers Refusing to Sell Bitcoin Even if BTC Loses 90% of Its Value, Says Gabor Gurbacs Survey
It won’t be completely wrong to say that the price of the flagship currency has suffered a lot. Moreover, the crypto crackdown of China following the actions of Tesla CEO Elon Musk has led the investors to a confused state.
The beginning of this year was considered a boon for the crypto market as the prices of the cryptocurrencies were flying high, and the rally continued till the second quarter of the year.
However, after the discontinuation of Bitcoin payment acceptance by Tesla and then the crypto ban by China changed the game completely against Bitcoin and the entire crypto market.
Till now, if we look from the all-time high of Bitcoin, which was $65K, the flagship coin has lost almost 50% of its value in just a matter of three months. This has provided the critics with another chance of mocking at the future potential of cryptocurrencies.
Will the Metrics Revealed in Survey Be Proven True?
Well, first of all talking about the level of $3K, which is almost impossible for the cryptocurrency to reach and highly unlikely, it is a very low price range and anyone’s faith can shake at that much loss.
However, looking back at the major price corrections in the past, it can not be said with a stamp on a paper that Bitcoin won’t go further down and can not fall to the mark of $3K, it is a market known for its volatility and uncertainty, hence, anything is possible.
In addition to this, it should be noted that back in May, when the price of Bitcoin started falling, many investors disposed of their holdings amid fear in the market.