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January 14, 2019, 06:05:10 PM

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.