Thought of the Day: Bitcoin market downturns create new hodlers with conviction
Why?
If a person is convinced Bitcoin is a revolutionary digital asset, and buys the bull run at say $10k, when the downturn comes is he/she thinking:
1. I should just sell above my buy-in price, take a profit, and walk away forever. Never to buy bitcoin again.
--or--
2. I should sell now so I can buy lower, possibly doubling or tripling the amount of bitcoin I initially bought.
#2 is the obvious answer. It's not more short term fiat profit they really wanted all along, it was more bitcoin they wanted. They already knew this going in, whatever they bought/own was not enough.