Christmas is fast approaching and people are already thinking about what to give to their families and loved ones. While gifts like electronic gadgets have traditionally been popular, this year people are looking to receive Bitcoin and stocks.
A new study found that people want a gift that will continue to give them even after Christmas.
All I want for Christmas is Bitcoin
A recent survey by MagnifyMoney found that most Americans prefer financial investments this year. The retail investment craze this year has made platforms like Robinhood recognizable around the world. They were the driving force behind the Reddit- fueled revolt against Wall Street. Retail investors pushed GameStop, AMC, and Dogecoin to new heights and decimated institutional investors.
The study found that 65 percent of Americans prefer to receive stocks and cryptocurrencies as Christmas gifts. A poll of over 2,000 people found that a quarter would prefer their investment to a gift card.
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Commenting on the results, Ismat Mangla noted that people now think long-term and want something that can add value. Ismat, a senior manager at LendingTree, MagnifyMoney's parent company, stated:
I think people think of money, for better or for worse. There is nothing like a gift that will keep increasing in value.
For those who want to give cryptocurrencies to their loved ones, it's easier than ever today. Coinbase, CashApp, Binance, and Robinhood allow their users to gift their loved ones cryptocurrencies, whether they have cryptocurrency wallets or not. You can receive a gift card by e-mail.
It is also possible to give a hardware wallet with loaded cryptocurrencies. Companies like Trezor and Ledger sell their basic hardware wallets for less than $50. Moreover, if the recipient is not well versed in cryptocurrencies, the hardware wallet offers them an extra layer of security that a hot wallet would not provide.
This, according to Ismat, is a great way to introduce more people to the Bitcoin world.
Bitcoin continues to decline
Meanwhile, at the time of writing, the price of bitcoin is falling. The largest cryptocurrency by market capitalization is trading at $45,924 down 2.27% in the last 24 hours, according to CoinMarketCap.
Analysts from Glassnode have evaluated the behavior of the bitcoin market at various times of the day to find out which region's trader activity is causing the cryptocurrency to remain around the $ 45,000 level.
The chart shows that Bitcoin sales during Asian trading hours increased significantly towards the end of the year. Glassnode themselves describes what is happening as "unprecedented sales volumes, a defining force in the current decline."
At the same time, Bitcoin tends to rise during American and European trading hours. A similar situation formed in March when the most active sales were recorded during the Asian hours, as previously noted by Bloomberg.
“The US and Europe continue to buy. Sales in Asia appear to be declining,” adds Glassnode.
Asian sales are explained, among other things, by the activation of the Chinese leadership in the fight against cryptocurrencies this year. Huobi, for example, is gearing up to shut off Chinese users on December 31, which could prompt them to sell digital assets.
In addition, analysts noticed that short-term holders, whose bitcoins were received in their wallets over the past five months, in most cases bought cryptocurrency at a rate of about $53,000 and now remain in unprofitable positions.
Do you have an idea for a Christmas gift yet? Please tell us in the comment section below.