$100K Or $1 Million: At What Price Are Bitcoin Holders Likely To Sell?

The price of Bitcoin BTC/USD is up triple digits in 2023 and recently marked a new 52-week high, passing the $44,000 level.

With Bitcoin trading higher and multiple potential catalysts in the mix, a recent survey explored when holders might be inclined to sell.

What Happened: Software company MicroStrategy Inc MSTR is one of the largest Bitcoin holders in the world and continues to buy more of the leading cryptocurrency.

The company recently announced it added 16,130 Bitcoin for nearly $600 million, with an average price of $36,785 per BTC.

MicroStrategy’s latest acquisition brings its total Bitcoin holdings to 174,530, purchased at an approximate cost of $5.28 billion. The software company’s average purchase price for the acquired Bitcoin stands at $30,252.

Given its regular acquisitions, MicroStrategy shows no signs of selling its Bitcoin holdings. The company’s chairman recently took to Twitter to inquire about the price point at which people would consider selling.

"How high will $BTC need to rise before you would consider selling a small portion of your Bitcoin," MicroStrategy Chairman Michael Saylor asked.

Here were the results:

• $100,000: 30.9%
• $250,000: 18.9%
• $500,000: 14%
• $1,000,000 or Never: 36.3%

The poll conducted by Saylor on Twitter garnered over 120,000 votes from his following of over three million, many of whom are likely Bitcoin holders.

The most popular answer was $1 million or never. However, given that Twitter polls limit options to just four choices, it’s hard to discern the exact percentage of voters who chose $1 million compared to those who selected the option based on never selling.

Bitcoin hit an all-time high of $68,789.63 in November 2021, meaning all four responses in the poll are above the highest value the cryptocurrency has ever traded.

Related Link: Bitcoin Flies Past Meme Number $42,069: Could Cryptocurrency Hit $69,420 And Break The Internet?

Why It's Important: Cryptocurrency analysts and traders have pointed to several potential future catalysts for Bitcoin.

Multiple companies have filed Bitcoin ETFs, which are currently being reviewed by the SEC and could be approved in early 2024. The approval could lead to a surge in demand for Bitcoin, which is known for its limited supply.

Another key 2024 event could be the halving of Bitcoin, which happens around every four years.

Ark Funds CEO Cathie Wood has a future price target of $1 million for Bitcoin.

BTC Price Action: Bitcoin trades at $43,672 at the time of publication, versus a 52-week trading range of $16,398.14 to $44,408.67. The leading cryptocurrency is up 14% in the last week and up 160% year-to-date in 2023.

MicroStrategy shares trade at $571.09 versus a 52-week trading range of $132.56 to $589.90. Shares of the software company are up over 290% year-to-date in 2023.

Read Next: MicroStrategy Q3 Earnings Highlights: Revenue Beat, Bitcoin Holdings Update And Average Cost Per BTC

Watch Benzinga’s interview with Saylor below.

Photo: Shutterstock