A Critical Mass Of Long-Term BTC HODLers Seem To Be Making $100k Inevitable
I think the hodlers mentioned in the article are those who bought at the top and wish to see BTC at $100k or up.
I started a dollar-cost-averaging buy program on September 1, 2017, when bitcoin was $4,889. I was late to the game, for sure.
Prior to taking my first tentative step into bitcoin, I had been leery of the whole crypto thing, believing it to be the 21st century’s version of the Dutch Tulip Mania. But, the gambler in me won that debate, and I decided to chase the price higher – believing that, if it really was “tulips” all over again, I would be cleaver enough to get out before a crash.
I bought almost all the way to the top four months later. The highest price I paid was $17,487 on December 15, 2017.
I bought once more, as the price started to crash – December 31, 2017, at $13,060. Then I quit buying, but did not sell.
In fact, I have never sold any bitcoin. So, I’m one of those stubborn hodlers your article describes.
I stayed out of the bitcoin market through all of 2018, and the first half of 2019. On July 2, 2019, I started buying bitcoin again, thinking (prematurely, as it turned out) that the bitcoin bear market was over.
I quit my bitcoin buying program in late November, 2019, and have not made a bitcoin purchase since then.
The recovery in the bitcoin price since then has taken the price well past my average purchase price, so I’m in profit.
Overall, I’m bullish (long-term) on bitcoin, and I have no plans to sell.
Speculating is one of the “respectable” forms of gambling. And bitcoin is the ultimate speculation. Bitcoin has no intrinsic value, and it has failed (as yet) to be a viable medium of exchange for everyday purchases. A case can certainly be made for why the bitcoin price should be zero.
On the other hand, if governments manage to destroy sovereign (fiat) currencies, then alternative stores-of-value, such as precious metals and bitcoin, will soar. We’re seeing that begin now.
If bitcoin soars to $50K, or $100K, or to $1M (hello, John McAfee), my clumsy buys at prices below $20K will look inspired, in hindsight.
I will continue to hodl.