Online Snap Poll Shows a Majority of Investors Recommend Bitcoin over Altcoins
The blockchain was introduced to offer options to the everyday man. A decade down the line, there are more than 200 options. Many coins are for general use while some have been designed for a specific product or field.
Yet despite this laissez-faire attitude, most of the market has been captured and held by one, Bitcoin. And the crypto community has been vocal about its opinion, always ready to have a discussion on the merits of their favorite token.
Thus when an online user asked the community to vote about their investment preferences, thousands jumped on to voice their opinions. The polls showed that the majority of the community still views Bitcoin as the safest bet when it comes to crypto.
Bitcoin Preferred, Altcoins Still A Postscript.
A Twitter-based cryptoanalyst, Dave, has been working on various analysis to see if the bear market had indeed bottomed out. In an attempt to check out investment distribution based on advice and suggestions, he asked the views of the community if an inexperienced trader wanted to invest in crypto. The parameters laid down were a timeframe of 4 years, nascent knowledge about the industry and suggestions for portfolio management.
The results showed that of those who participated, an overwhelming majority are predominantly Bitcoin maximalists. Of those polled 68 percent were strongly in favor of focusing on BTC. 26 percent suggested putting all the money in BTC, while 42 percent of the respondents suggested mixing things and having at least 30 percent of the capital allocated to alternate coins as a good investment strategy. This does make sense, after all, Bitcoin was the first ever cryptocurrency, and the most recognizable name today. Along with that, it has the most mainstream exposure coupled with development and a regulatory framework put into it.
Following this, a distant third is an idea of having a majority investment in altcoins while still maintaining at least 30% in Bitcoin. This is undoubtedly based on the returns on the investment potential of coins such as Ethererm and XRP. At the same time, BTC would cover the investor in the long term.
The least preferred option, coming in with 10 percent votes was the idea of investing only in alts. This is hardly a surprise as with hundreds of cryptocurrencies on offer there is a very real risk of getting overawed. Most of these newer tokens have not been in the market long enough and for a new investor, it is a challenge.
As the majority of the near two thousand odd voters attested, Bitcoin is the future. It is clearly seen as a strategic and wise long term investment. On the other hand that is not to say altcoins are a waste of time, they are certainly worth it for short-term gains. However one should always remember to not put all eggs in one basket.
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