50 percent of participants in a recent poll conducted by Former U.S. Congressman Ron Paul see Bitcoin as a preferred long-term investment, well ahead of gold, treasury bonds and Federal Reserve notes.
In his twitter poll, Paul asked followers what form they would prefer a $10,000 gift it was going to remain in that form for the next ten years.
A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift. But there’s a catch: You must keep the gift in the form that you choose for 10 years without touching it. In which form would you accept the gift?
About 95,000 people responded to ex-congressman Paul’s twitter poll. An overwhelming majority—50 percent—of respondents to have the gift in bitcoin [BTC] followed by Gold with 37 percent of the votes. 11 percent opted for United States 10-year treasury bonds and only 2 percent chose the Federal Reserve’s Notes.
Some of the participants who chose bitcoin despite the sour state of cryptocurrency market justified their decision by a positive long-term outlook for cryptocurrency.
Comparing Gold and bitcoin, a user commented:
“Less than 0.1% of gold’s value is industrial. However, #bitcoin is more scarce (the most important factor in retaining value), far more secure and harder to seize, and far more usable as a medium of exchange. How can gold continue to be worth 100x more than #bitcoin? It can’t”
Another participant noted that millennials looked to bitcoin long-term. He wrote:
“Myself and my friends are late 20’s – late 30’s, and most are certainly looking at it as a long-term investment, but if it happens to give a lottery payout in the short/mid-term then bonus!”
The poll comes on the heels of a huge decline in bitcoin price after maintaining a rare stability for several weeks. Bitcoin [BTC] prices were down more than 10 percent in 24 hours leading to talk of bitcoin doomsday. Analysts at Bloomberg suggested that the price will steadily go down till it reaches $1,500. Also, Wall Street analyst predicted that it would take months for bitcoin to recover.
Bearing this in mind, some participants of the poll said Gold was a more reliable investment. One noted, “Gold has had its lows over the years, but has never taken a 75% drop in 24 hours.” They also questioned the safety of bitcoin from hackers.
XRP versus BTC: Poll participants choose Ripple over Bitcoin
Cryptocurrency analyst and host of the crypto show on CNBC responded to the poll results suggesting that bitcoin will get stiff completion if Ripple’s XRP was added to the mix. To prove this, he started a variation of the poll on his Twitter page asking the same question but giving different option this time.
“A wealth person gifts you $10000. You get to choose in which form you accept the gift. But there’s a catch: You must keep the gift in the same form you choose for 10 years without touching it. In which form would you accept the gift?”
The options included Bitcoin [BTC], Ripple [XRP], Bitcoin Cash Satoshi Vision [BCH SV], and American Airline miles.
When the result came in, 52 percent of about 16,000 voters went for Ripples XRP token followed by 39 percent for Bitcoin. 7 percent opted for American Airline miles while only 2 percent went with the newly-forked Bitcoin Cash SV.
Bitcoin [BTC] & Ripple [XRP] Price Watch
Bitcoin still struggles below the $5,500 mark currently trading at $5,416.73, 3 percent lower loss in the last 24 hours. The top cryptocurrency markets have gone back to red after signs a slight recovery yesterday.
The last time the former Texas representative conducted a similar poll, it was on Dec. 5, 2017, and bitcoin was trading at $11,500 and would go on to reach an all-time high of almost $20,000 two weeks later. The results were, however, bitcoin receiving slightly more support than in the latest survey.
Ripple [XRP] has been less affected by the latest bloodbath in cryptocurrency markets. Though in red, XRP only saw a slight overall drop in its price in the last 7 days and have since overtaken Ethereum [ETH] to become the second most valuable token by market capitalization. It lost about 6 percent in the last 24 hours to trade at $0.477 according to data from CoinMarketCap.