FOLLOW UP – Why would You hold Bitcoin

Yesterday I made a poll with the question: Why would YOU hold Bitcoin?

I got over 600 respondents and therefor decided to visualise the data for you guys, but keep in mind. Im no graphic designer and used a free website it not the most beautiful designed pie chart.

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Pie Chart 602 by FreekTheDog

The most selected category was Investments / Diversification with 385 votes, which is roughly 64% of the the total votes. Followed by escaping the hedging for inflation with 86 votes, or 14,3%. These two are the most common reason people have in the in the west, maybe followed by Escaping the financial system.

The smallest categorie is Remittence with just 4 votes, or 0.7% total. I suspect because, Reddit is mostly used by western people and secondly, the group that does use Bitcoin as remittence is already really small. This counts for payment aswel.

If you enjoyed this post, let me know so I can maybe do a full research (as far as Reddit is an accurate representation, but for the fun of course) with more diverse topics as country of origin, time you discovered crypto, age etc to get a better picture of this sub

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reddit image

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50 thoughts on “FOLLOW UP – Why would You hold Bitcoin”

  6. Ideally I would like to escape the financial system but for now it’s only an investment. We will need some intermediaries for the foreseeable future. Hopefully later that will change.

  8. To fight against the centralized world which is programmed to keep poor people poor and rich people rich.

  10. Man I just want to live in the country, remote, farming and holding BTC and my shit alts forever.

  12. I feel like investments and escaping the financial system is the same. The purpose of your investments is to exit the financial system in a way

  13. Interesting how escaping the financial system is second, albeit a distant one. I guess many people are disillusioned with how things are.

  16. IMHO I hold BTC because I don’t want government/banks to have control over my money. Just having 70% of my net worth into bitcoin makes me feel powerful. Also inflation is the very obvious reason.

  17. Thanks for this analysis! BTC will always be the king of crypto and it’s needed in any portfolio. I’d also be curious about how long people have held BTC for and proportion of short-term to long-term hodlers.

  19. According to a Forbes article (https://www.forbes.com/uk/advisor/investing/cryptocurrency/cryptocurrency-statistics/) these are some of the main reasons for people investing in crypto (these numbers are taken from a survey they made):

    • It’s an easier way to start investing through an app (42%)

    • It is easier to understand than conventional investments (34%)

    • The investors believe in the message and mission statement behind cryptocurrency (30%)

    • The investors have easier access to money when it is invested in cryptocurrency (27%)

    • The investors saw their friend or family member’s investment performing well (26%)

    • The investors trust it more than traditional investments (24%)

    • The investor has made more money through crypto than through traditional investments (21%)

  20. I’m extremely surprised by the low votes on remittances with the MOON system. Obviously need to be an English speaker to participate so that’s going to affect things, however, I definitely would have thought that would be higher

  21. I don’t really understand how investment isn’t over 90%. Surely almost everyone is in the game to make money

  25. From everybody in the “pie chart”, I really don’t understand holding Bitcoin for the memes…

    Holding DOGE for the memes is understandable, but Bitcoin, not really.

  27. I wouldn’t hold it until I have spare money. Then you keep some mixture of that extra in Bitcoin. The more money you have, the more should be in btc

  29. Seems reasonable given how early we still are, in terms of understanding what bitcoin is.

  30. I’m holding btc as a way to escape banks but it’s also there to be my hedge against inflation and an investment. Currently not using it as a payment but planning to once more retailers in my area start accepting it.

  34. Escaping the financial system is not mutually exclusive with beating inflation though.

  36. You’re telling me nobody was in it for the tech? Groundhog says 2 more years of bear market, lol.

  37. Solid original post and a great timely follow up. This is a prime example why posts deserve the same karma ratio as comments. Cheers!

  47. I wish it could be multiple choices. But the main reason that make me choose crypto is the freedom to control my own money, and the technology behind it.

  49. That’s an interesting breakdown.

    As a BI Developer I must let you know that pie charts are the worst visual to use. Humans cannot visually distinguish the slices of a pie chart and therefore pie charts do not impress on the user accurate information. Use a bar chart instead next time.

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