According to a new survey produced through Bitcoin IRA, most crypto and bitcoin holders want to earn interest on their holdings.
Bitcoin IRA: Many Want to Earn Interest on What they Hold
At first, this seems like a relatively silly conclusion to reach. Who doesn’t want to earn more money on the shares they already own? If you own stocks or anything else, you want to garner interest on those shares and potentially grow your portfolio. The only thing, however, is that this is not always possible.
If the markets go down or if the asset in question doesn’t provide means for earning interest, then the person is out of luck. A lot of what garners a person interest nowadays is dependent on outside market factors that the individual has no control over. However, cryptocurrency has long held the belief that users should be the ones in control, which is where the process of staking comes in.
Staking is a procedure in which a person supplies their crypto holdings to a digital currency platform. That platform joins the person’s holdings with many others in a single pool. That crypto is then lent out to a person or business looking to potentially garner funds to boost their operations or expand their financial means. The entire time the crypto is lent out, the original owner garners interest granted the money isn’t paid back right away.
In addition to this little factoid, the Bitcoin IRA survey suggests that despite the rise of COVID-19 over the past three months, many traders and crypto enthusiasts remain as bullish as ever. They are eagerly seeking out large returns and are looking for alternative assets that can potentially help them meet financial goals and improve the diversity of their portfolios.
The survey suggests that more than 50 percent of the responders are potentially interested in staking and lending out their crypto holdings. Also, most of the survey participants believed in the power of altcoins and expressed interest in holding assets other than bitcoin, even if they weren’t as established. Nearly 50 percent showed interest in holding precious metals, while nearly 40 percent said they would be interested in investing in cannabis. Just shy of ten percent said they would invest in movies.
Lastly, as many as 57 percent of respondents seek to hold crypto as a long-term investment, while about 42 percent say they think the price of bitcoin will exceed $15,000 by the time 2021 is ready to ring in. As many as 300 people participated in the survey.
Growing the Industry Step By Step
“Chris Kline – co-founder and COO at Bitcoin IRA – explained in a statement:
Bitcoin IRA investors are expecting to make gains in crypto that out-perform traditional assets in 2020. We’re so excited to be continuously working on new investment offerings and upgrades based on their feedback as we work on helping them reach their retirement goals.