The majority of UK Bitcoin users are "holding their bitcoins"? A CoinCorner report reveals
In the world of virtual currencies, prices go up and down like a roller coaster, and various news comes in every day. In the midst of all this, have you ever wondered, "What is everyone doing with Bitcoin after all?"
This time, we will explain some interesting trends among UK Bitcoin users in a report released by UK cryptocurrency exchange CoinCorner, in an easy-to-understand manner even for complete beginners!
More than half have never sold any Bitcoin!
According to CoinCorner's 2024 Customer Report,51% of users have never sold BitcoinThis is surprising, isn't it? You might be wondering, "Well, then what are you doing?"
They seem to be buying up Bitcoin little by little. In other words, they are continuing to hold Bitcoin for the long term without worrying about the price fluctuating a little.
What is "HODL"?
The report uses the term "HODL strategy." This is actually a well-known slang in the cryptocurrency community. It was born from a spelling mistake, and it means "Hold On for Dear Life.""I will never sell it, no matter what!"This shows a strong will to do so.
This term was born in the early Bitcoin community and refers to holding onto your holdings for the long term, without panic selling even if the price crashes. It has a slightly different nuance from the Japanese term "shiozuke," and has a more positive connotation of continuing to hold onto your holdings with hopes for the future.
Why do so many people hold on to their money?
So why are there so many British Bitcoin users who hold on to their Bitcoin? There are several possible reasons.
- Because I believe in Bitcoin's future: Many people continue to hold on to Bitcoin without being distracted by short-term price fluctuations because they believe it will have value in the future.
- Because it's a long-term investment: They may be holding Bitcoin to build long-term assets rather than aiming for short-term profits.
- Because buying and selling is a hassle? Some people may find it troublesome to buy and sell constantly and choose to hold on to their shares for the long term (laughs).
What the CoinCorner report reveals
This report shows that many British Bitcoin users view virtual currencies not simply as a speculative investment, but rather from a long-term perspective. Of course, the British data does not necessarily apply to Japan, but similar trends may be seen around the world.
Although investing in cryptocurrencies involves risks, this is interesting data that suggests the importance of taking a long-term perspective.
Summary and personal thoughts
This CoinCorner report made me rethink my approach to cryptocurrency investment. It reminded me of the importance of having a long-term perspective, rather than getting excited or upset by price fluctuations. I too am thinking of steadily saving up my Bitcoin with an eye to the future.
This article is based on the following original articles and is summarized from the author's perspective:
Majority of UK Bitcoin Users Have Never Sold, CoinCorner
Report Shows