I recently decided to conduct a poll on reddit in the r/cryptocurrency sub to gauge the mindset of crypto investors. The sub has over two million subscribers and I managed to get 378 redditors to participate in the poll. I asked four questions which allowed me to place the participants in four categories ranging from "I know what I'm doing and have a plan" to "I have no idea what I'm doing". The sample size of 378 participants gave me enough data to form a general picture of the average crypto investor. The results were very interesting.
From this poll we can deduce that 22% of respondents had a clear plan and most likely are crypto veterans, experienced investors or just simply, don't like losing money.
The poll also shows us that 4% of respondents are part of the FOMO crowd and will throw money at whatever current altcoin is currently skyrocketing in value. This group of crypto investors typically follow Elon Musk's twitter account religiously, waiting anxiously for the next Dogecoin tweet.
By far the largest and most popular group of crypto investor was the DCA and HODL group coming in at 53% of the poll. The strategy of dollar cost averaging and holding long term has proven to be an effective strategy for cryptocurrency investing. It is uplifting to see that at least half of crypto investors follow this strategy. Over a long enough timeline with discipline and patience, the odds of making a profit in crypto investing lean towards this strategy. Good luck to all you Hodler's.
The last group came in at 21% of the poll and this is the group that have walked, or are walking the trail of tears. This type of crypto investor either got burned in the crash of 2018 or just blindly piles money into a cryptocurrency without any research or clear reason. Hopefully they have learnt the error of their ways and will be better mentally equipped the next time they dip their toes into the dangerous waters of crypto investing.
There are probably other types of cryptocurrency investors I never placed in the poll but I feel this gives us a general view of your average person that invests in cryptocurrency. Which group do you fall into?