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Opinion


BUYING BITCOIN IS EASY, HODLING IS THE HARD PART

While Bitcoin booms in the bull markets, its volatility can provide an intense
reality check – just ask veteran investor American HODL.
 * Author:
   Nikolaus Hoffman
 * Publish date:
   Dec 17, 2024



While Bitcoin booms in the bull markets, its volatility can provide an intense
reality check – just ask veteran investor American HODL.

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Follow Nikolaus On 𝕏 Here For Daily Posts

HODLing bitcoin is so simple, yet it’s one of the most difficult and challenging
things to do.

HODLing bitcoin is a choice. You have to wake up every day and choose to
continue HODLing BTC. When you have every reason to sell bitcoin, you have to
continue HOLDing. This is where most people fail.



The anxiety of losing money kicks in. The fear of being wrong becomes a cloud
over your head and you start to wonder if you’re wasting your time and ruining
your future by HOLDing bitcoin.

It really isn’t for the weak, so I understand why so many people could not
fathom holding onto an asset this volatile, this early into its existence. It
makes sense why most people were not ready to go all in on bitcoin, but those
who did were highly rewarded for their efforts.

This American HODL thread sums up HODLing bitcoin perfectly.






I remember what it was like back in 2018 when the price of bitcoin dropped by
50%. Only at the time, I was a young college student working in physical
therapy. I was in a position to take on as much risk as possible because taking
care of myself was my only responsibility, so that giant drop did not affect me
mentally too much. But for American HODL, as well as many other Bitcoiners who
had wives and children to take care of, the stakes here were raised
significantly.

Many Bitcoiners want the price to drop lower, so they can accumulate cheaper
BTC. But for many Bitcoiners who have already accumulated bitcoin at cheaper
prices, it can be soul crushing to watch the price of bitcoin drop by 70-80% in
the bear markets. Bitcoiners, after all, are in this for wealth preservation and
to increase their purchasing power. So when bitcoin dramatically drops in price,
many feel like it’s a punch in the gut. Losing money sucks.



However, if you can withstand the brutal bear markets, the bull markets reward
those who sheltered the storm, those who put in the effort to understand this
asset and why it has these intense drops and rises. Historically, the price of
bitcoin rises for three years in a row, then dumps for one year.





Bitwise $1 million price prediction

HODLing bitcoin is not easy. It is normal and human to feel the depression of
the bear market and the euphoria of the bull. So when bitcoin inevitably dumps
in the future after the bull market, be prepared to HODL.

Don’t put yourself in a position where you cannot withstand a 70-80% correction.

Understand the asset you got into and realize this is normal and everything is
OK. If you can do that, you will make it out of the bear market alive, and be in
prime position to take advantage of the next bull market.

This article is a Take. Opinions expressed are entirely the author's and do not
necessarily reflect those of BTC Inc or Bitcoin Magazine.


Tags
terms:
Bull MarketBitcoinHodlAmerican HODLbear market
By
Nikolaus Hoffman
Follow nikcantmine
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Takes


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By Nikolaus HoffmanDec 20, 2024
Opinion
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BITCOIN ALL TIME HIGH HAS BEEN POSTPONED — PLEASE HODL

By Nikolaus HoffmanNov 1, 2024
Takes
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BITCOIN INVESTORS ARE NOW UP $67,000 ON AVERAGE – AND THIS IS JUST THE START

By Nikolaus HoffmanDec 19, 2024
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PREDICTION MARKETS ARE PRICING IN A TRUMP VICTORY. THIS IS GOOD FOR BITCOIN

By Nikolaus HoffmanOct 22, 2024
Opinion
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A TRUMP PRESIDENCY IS THE BEST OUTCOME FOR BITCOIN: NIKOLAUS

By Nikolaus HoffmanOct 7, 2024
Opinion
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