Hodlers aren’t lucky, they’ve worked hard for it.

There are lots of people who have become extremely wealthy by acquiring coins from years ago. These same people often get called “lucky”. To some extent, that’s true as they may have simply stumbled across bitcoin before many others - but to a larger extent, it’s plain unfair.

Those “lucky” hodlers, have gone through several cycles. They’ve seen their fiat networths go sky high, and then drop off a cliff.

If you’re a wise hodler, it involves constant research. If you got in a few cycles ago, say 2013, then bitcoin was a completely different beast then. There were no guarantees. The theory and technology was still very robust, but the proliferation of bitcoin wasn’t there yet. Buying bitcoin wasn't as easy as entering your credit card details.

If you bought bitcoin on April 1st 2013, you’d have got a coin for ~$100. You would've likely had to send some money to an Estonian bank account, and pray to all that's holy that in a week or so's time that money would arrive. A little over a week goes by, and you’d have more than doubled your money to $230. A week later, it dropped to ~$80. Most people would have panicked and sold. The price wouldn’t reach $200 until early November that year. By the end of November 2013, bitcoin was over $1000 again. If that same hodler kept his $100 bitcoin, he’d have made 10x on his investment in under 8 months.

Then it dropped. It would be over 3 years until that hodler saw prices over $1000 again - January 2nd 2017. That would have been 3 hard years of toil, wondering if bitcoin would ever surpass it’s previous ATH of ~$1150.

A wise hodler would’ve kept their cool, trusted the tech, kept their belief, analysed the macro economy and trusted their gut. If they kept their nerve, then within another 12 months, that same $100 coin they bought on April 1st 2013, would reach a value of ~$19300 on December 16th 2017 - a 19200% return - in a little over a 4 and a half year time period.

That same hodler probably had friends and parents screaming at them to sell. If the hodler had conviction in his research and his investment, he’d have continued hodling, only to be taunted by friends and family for another 3 years, until December 16th 2020, when the price breached $20k.

That same hodler (assuming they held), is currently sitting on one bitcoin worth ~$50k at today’s prices, a 49,900% gain. Yes, he could’ve sold on April 13th at ~$63.5k for a 63,400% gain - but if he was smart, he stuck to his conviction and is still holding.

What’s the point to all this? HODLing isn’t easy. It is a combination of balls of steel, continual research, and self-belief - belief that bitcoin has the potential to upend the entire financial system.

Things are a lot different in 2021 than they were in 2013. Things are looking incredibly strong for bitcoin despite this recent dip.

Stop getting scared out of your position by people in the know who want your coins for cheaper. If you bought bitcoin because you believe it will ultimately change the crooked financial system and bring about more financial democracy, keep that faith.

If you bought bitcoin because you want to make a quick buck, and have no idea about the inner workings of this tech, then bitcoin is probably not for you.

Submitted April 23, 2021 at 08:05PM by NickyNakamoto https://ift.tt/3azGhCs