Bitcoin, has significantly dropped below the $60,000 level. In the cryptocurrency community, amid growing concerns about the future of BTC, the long-term holders, or ‘hodlers’, are not giving up. One prominent figure in this situation is Michael Saylor, founder and chairman of MicroStrategy. He could not comment much on BTC‘s depreciation but shared a photo of a robotic hand adorned with the Bitcoin logo, simply stating “HODL”.
What Does the HODL Concept Mean in the Bitcoin Sphere?
Hodl, or “hold on for dear life,” is a term used by crypto enthusiasts to express their strong belief in their crypto assets, regardless of market fluctuations. Hodlers, whether experienced or new in crypto trading, remain firm and maintain their stance even during periods dominated by fear, uncertainty, and doubt.
The response from Satoshi Club, meaningfully referencing Saylor’s message, was simply “Okay, brother.” Even on a day when Bitcoin lost value, comments on the crypto boss’s post were filled with humorous content confirming that holding BTC assets was the right decision.
Comments from Bitcoin Investors
A user under the nickname Captain F0M0 mentioned that “weak hands would be shaken off” during Bitcoin’s journey. Another user emphasized that “only the strong will survive during such times.”
One user noted that traders would get ‘rekt’ during Bitcoin’s downturn, but hodlers would be ‘rewarded.’ The term ‘rekt’ refers to a trader who suffers losses due to price declines, while ‘hodler’ represents those who hold their crypto assets for the long term.
Several other users expressed that now was the best time to buy. One user described the price drop as “not significant but a great buying opportunity.” A crypto investor agreed and planned to continue holding to buy more Bitcoin.
A strategy shared by Saylor with his followers emphasized never opening a brokerage account when the Bitcoin price drops. This strategy states that weakening their hands would only lead to losses.
Bitcoin Behaves Differently from Previous Halving Cycles
Saylor and many followers highlight that Bitcoin is the world’s largest crypto asset by market value, but it experienced a standard decline due to the reduction of new Bitcoins entering the market with BTC mining rewards halving. They also believe that BTC will eventually reach new highs weeks or months later.
Bitcoin investors and maximalists like Saylor maintain their optimism, but there are warnings that the model followed by the cryptocurrency in previous halving cycles might not work this time.
Investment banking giants Goldman Sachs and JPMorgan have warned Bitcoin users that the economic environment before the 2024 halving differs from previous halving events, advising them not to rely too heavily on data from previous halvings.
