HODL: Just what kind of person does that?
What kind of person holds their bitcoins? From the 2014-15 bear market to the $20k peak of 2017’s crypto frenzy, back down through the murky $3k depths of 2018 and then, who knows where to?
HODL is a meme in the crypto world for a reason. Early HODLers, who zealously kept their coins and refused to sell no matter what the market did, who are now sitting on sums worth thousands or tens of thousands of times the original investment. But while these ‘OGs’ bought or mined their coins for a few dollars each, perhaps even pennies, later HODLers had to endure far higher stakes. They may have bought coins for five figure sums only to see the original investment slashed to a fraction of its value. Still, HODLers of all kinds are keeping their coins, in the knowledge that they can’t call the market so it’s safer not to sell – until that elusive moonshot of $100k or perhaps even more? Just what kind of a person does that?
At this point, we could take a diversion into Freudian psychoanalysis. We could explore control issues and suggest that childhood circumstances might shape such a personality. We could draw attention to how Freud drew links between his patients’ treatment of money and their bodily functions. But it might be better to leave Dr Freud’s disturbing theories in the past for now and, because it’s Friday, use a reference from Pirates of the Caribbean instead – whose lead pirate Captain Jack Sparrow swore revenge after being left to die on a desert island by his first mate, Barbossa.
‘When a pirate is marooned, he’s given a pistol with a single shot. No good for hunting, or surviving, really. But after three weeks of starvation and thirst, the option of that pistol begins to look good. But I survived. And I still have that single shot. It’s meant for one man. My mutinous first mate.’
That’s the kind of person you’re dealing with.
Disclaimer: I am a HODLer