Yeah, are the Bitcoin fans crazy? A large part of the Bitcoin was not moved a millimeter over the blockchain last year. The HODL mentality is still widespread.
There are various strategies for dealing with crypto currencies. One of these strategies owes its name to a post from 2013 in which an angry user of the Bitcoin forum Bitcointalk.org coined the term Hodl. The post was written by user GameKyuubi at the end of 2013 after a minor Bitcoin crash. The crypto fan had decided not to sell his digital coins despite the price loss. He then reacted extremely irritated to hints from other traders and wrote a funny monologue about Hodling with the concise title “I AM HODLING”. The wrong spelling of “to hold” has long since become part of the canon of crypto meme language.
WE ARE HODLING or Hodl as basic mood
The Prinizip Hodl is still a widespread strategy in dealing with Bitcoin. More than 60 percent of the Bitcoins in circulation have not been moved in the last twelve months. This indicates that Bitcoin is particularly in demand among long-term investors. Details about this Hodl mentality were posted on Twitter by analyst Rhythm on December 2:
“Bitcoin have not been moved for over a year. Even with a price increase of 85 percent in that time, these millions of Bitcoin were neither sold nor traded. […].”
Even though a small spelling mistake – 11,580.00 instead of 11,580,000 – has crept into this tweet, the statement seems to be representative for the majority of Bitcoin investors.
Short-term profits in focus or fear of volatile prices?
Although the Bitcoin has made a groundbreaking development since 2018, the preferred strategy is to let go of the virtual currency – even in bearish phases. Hodlers are not impressed by bullish peaks either. Of the 18.08 million coins minted last year, around 64 percent were not moved. And this despite the fact that the crypto currency could temporarily increase in value by 200 percent.