According to a recent poll, more than 80% of Japanese cryptocurrency traders want to hold onto their coins this year.
Zero Accel, a Tokyo-based media company, conducted the study in January of this year, speaking with 330 cryptocurrency owners across 47 different Japanese prefectures. According to a press release by Zero Accel, 82.7% of all cryptocurrency owners declared their intention to "remain holding" their tokens in the future.
Nearly seven out of ten respondents named bitcoin (BTC) as their preferred coin, with the majority of the remaining respondents naming Ethereum (ETH) as their preferred token.
The company claimed that the survey's participants, 228 men and 102 women, ranged in age from 20 to 60.
Cryptocurrency investors were found to place a higher value on "creditworthiness and future prospects" than "current market capitalization" when selecting a coin to invest in, according to the business.
About 75% of those polled claimed to have been involved in the cryptocurrency industry for three months or less. Six out of ten people claimed to have "one or two" years of market experience.
Why Are Bitcoin Users in Japan So Excited to HODL?
The business stated that "those who invest in cryptocurrencies not only want to generate money, but also sympathize with crypto projects' ideas and beliefs" is "one of the reasons" Japanese crypto investors look inclined to HODL.
According to Zero Accel, certain cryptocurrency projects have "passionate admirers" who may not want to leave the market "for petty reasons like price reductions."
According to several Japanese cryptocurrency investors, hefty tax rates have turned them off. The cryptocurrency sector petitioned the government to change the country's tax legislation last year. Many cryptocurrency owners think that the way that cryptocurrency is taxed in Japan is unjust since holders are charged on a sliding scale similar to an income tax.