Many Bitcoin supporters claim that they should never sell their assets. Let's explore their approach to holding the asset and their relationship with its price.
The message behind HODL
The term 'hodl' has become a staple among hardcore bitcoiners. It is a misspelling of the word 'hold'. The term's history captures the spirit of the 'Never sell your Bitcoin' attitude. It dates back to a 2013 post on the Bitcointalk forum by a casual investor using the username GameKyuubi. In this post, he expressed that he would rather hold Bitcoin than try to time the market.
Never sell Bitcoin to whales
Whales are holders of large amounts of crypto. In the 2020s, Bitcoin's price heavily depended on whale transactions. Typically, when the number of whale transactions increases, Bitcoin's price tends to decrease. This ties to the motto 'Never sell your Bitcoin to whales'. Whales will buy your Bitcoins at any price, but the chances of repurchasing sold Bitcoins are slim.
A man who claims he will never sell Bitcoin
Michael Saylor, CEO of Strategy, is probably the most radical proponent of the 'Never sell your Bitcoin' creed. His company has been accumulating Bitcoin since 2020 and now holds over 500,000 BTC. Saylor claims he will never sell Bitcoin and has even suggested destroying the keys to his wallets.
Thus, the philosophy of Bitcoin holders continues to draw attention as they are steadfast in refusing to sell their assets, believing in their future significance even if the current price matters.
