Many bitcoin traders laugh at the idea of HODL (holding on for dear life). They think that it is not a sound trading or investing strategy. If you buy and hold on the way down, it’s very likely that you’ll use the same approach on the way up. The rigidity of this method makes it difficult for many investors to lock in gains.
HODL’s acceptance appears to be bordering obsession. A new report reveals that millions of BTCs have not moved in a year. The S&P 500 is up nearly 27% year-to-date. If the index closes the year with gains around that number, then many investors would consider 2019 as a good year. Bitcoin holders are also having a great year. The top cryptocurrency is by over 95% year-to-date. The numbers align. According to The Block, 61% of bitcoin holders are sitting in profits.