I am a hodler of last resort.
I was recently perusing Bitcoin Twitter and Reddit when I read something that made me think about how crazy myself and others like me are. I ran across a comment that said something like "How crazy are you to cheer when your investment goes down simply because you'll be able to buy more of it"
That got me thinking because what rational investor holds a declining asset and is happy about it because they will be able to buy more for cheaper prices? No one! Literally no one besides us. A rational investor would set a stop loss for say 10% and then reevaluate after the drop to see if he wants to buy back in.
Bitcoin hodlers of last resort don't sell. The hodlers are what helps Bitcoin hold its value throughout the bear markets. Imagine if everyone holding bitcoin last November sold as soon as we fell below 6k, the price would have dropped to $100 easy. What happened though? We dropped to 3k and then the hodlers started soaking up supply by buying more at the low levels. We all know what happened with the price.
Hodlers of last resort might be accurately labeled are crazy based on their investment techniques. Hodlers know that the Bitcoin ecosystem without them would be virtually non existent. Instead of Bitcoin dropping 80% we would be dropping 99% and who know if we could recover from that.
We believe that by hodling we can help create an entirely new financial system that is built on Bitcoin and promotes freedom for everyone.
“In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.” — Mark Twain
https://www.danheld.com/blog/2019/1/6/hodlers-are-the-revolutionaries
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