Russia Russia

Cryptoverse: The young HODLers keeping bitcoin on an even keel

Reading now: 654
www.channelnewsasia.com

Bitcoin's been known to freak out when Elon Musk tweets a broken-heart emoji. So why isn't it flying off the handle as we seem to stand on the precipice of World War III?That could be down to the new HODLers, in part.Young retail investors betting on bitcoin as a long-term proposition rather than for quick gains are swelling the ranks of these true believers, whose name emerged years ago from a trader misspelling "hold" on an online forum.This trend could help stabilise the notoriously volatile crypto market and potentially provide a long-term floor, according to some market watchers who point to the fact bitcoin is up about 5 per cent versus before the Russian invasion.A study by multi-asset retail investment platform eToro, which says it has millions of users, found that those aged 18 to 34 were far more likely to invest in crypto than anyone else, with 66 per cent of that age bracket owning bitcoin and other digital currencies.

That's up from 46 per cent last July.Perhaps more tellingly, more than a third of those invested in crypto said they believed in its long-term value as "a transformative asset class".Callie Cox, eToro U.S.

investment analyst, described these people as "HODLers in a nutshell"."People who believe in the technology, they're going to be less likely to sell when scary headlines cross the tape," she said, adding that she expected to see more retail investors buying future dips in crypto prices.While the eToro poll of 8,000 investors only provides a snapshot, the findings chime with other platforms.

Read more on channelnewsasia.com
The website meaws.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA