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HODL on – Bitcoin Diehards Not Giving Up Just Yet

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You may have heard of the term ‘HODL’ in the crypto market lately, but where did it come from and what does it mean?

Historical evidence shows that there have been instances when businesses have had to deal with massive losses. One classic example is that of Sam Walton in the 1987’s Black Monday stock market crash.  At the time, he was the world’s richest man but he lost more than a billion dollars within just a few hours.

What amazed many was Walton’s response to this loss. While many expected him to hold a pity party, he came out boldly to declare that he was more concerned about taking care of his business than the loss of cash, which he dismissed as mere paper. This was the epitome of a business mind, focused on the long term sustainability of the business rather than the temporary losses.  Such is the situation in the cryptocurrency market at the moment, and this has seen the term HODL trend of late.

Why the HODL Hashtag Trended

Bitcoin has been on a rollercoaster ride, showing significant volatility. It is at this point in time that the crypto community need something to hold on to the most. As it turns out, this “something” is #HODL. With this, the crypto community is making it known that they believe in the long term prospects of Bitcoin and are not ready to let go just yet.

The epitome of the HODL trend was conceptualized by one GameKyuupi who spoke his mind on a Bitcoin forum. Here is his post verbatim:

I AM HODLING

 I type d that tyitle twice because I knew it was wrong the first time.  Still wrong.  w/e.  GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY.  It’s because I’m a bad trader and I KNOW I’M A BAD TRADER.  Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro.  Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what?  I’m not part of that group.  When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~!  Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT.  NO SHIT I SHOULD HAVE SOLD.  I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU.  You only sell in a bear market if you are a good day trader or an illusioned noob.  The people inbetween hold.  In a zero-sum game such as this, traders can only take your money if you sell.

 so i’ve had some whiskey

actually on the bottle it’s spelled whisky

w/e

sue me

(But only if it’s payable in BTC)

The post speaks on behalf of a number of crypto enthusiasts who understand what it takes to believe in cryptocurrency despite 2018’s slumps.

 

Why HODLing Makes Sense

Simple business sense dictates that as long as you have a clear understanding of how a certain strategy is going to work out in the long term, it doesn’t hurt to buy and wait. Many may dispute this notion in the case of Bitcoin owing to its volatility, but the results are empirically the same. A look at successful business moguls in the world like Warren Buffet can give you a glimpse of how the virtue of patience can work wonders.

Image Credit: Deposit Photos

Do you think that the HODL trend will spark market confidence? Let us know your thoughts in the comments section below.

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