KEY POINTS
- Many hodlers believe Bitcoin's dip is a great time to not sell their holdings
- Bitcoin's plunge will show that traders will get "rekt" and hodlers will be "rewarded," one hodler said
- Other hodlers said it was the best time to buy more Bitcoins
Bitcoin has fallen well below the $60,000-mark. Amid rising fears among cryptocurrency users regarding the fate of the digital coin that brought about a revolution in financial technology, hodlers are undaunted.
Leading the pack is MicroStrategy founder and executive chairman Michael Saylor, who had nothing much to say about BTC's plunge, just "HODL," along with a photo of a robotic hand with the Bitcoin logo stamped on its palm.
HODL pic.twitter.com/IQQOyiUqBw
— Michael Saylor⚡️ (@saylor) May 1, 2024
Hodl, or "hold on for dear life," is a term used by crypto enthusiasts to describe an optimistic attitude toward digital assets they hold, regardless of market sentiment. Basically, hodlers are people who are unmoved when there is "FUD," or fear, uncertainty and doubt among other crypto owners, especially those new to the crypto trading.
Blockchain community Satoshi Club had just two words in response to Saylor's post: "Ok bro." The comments section of the crypto magnate's post on the day of Bitcoin's nosedive was flooded with memes that agreed a dip was a good time to hold on to their BTC holdings.
Ok bro
— Satoshi Club (@esatoshiclub) May 1, 2024
I will pic.twitter.com/POCeefyOWG
— Aprende Bitcoin (@aprende_btc) May 1, 2024
Diamond Hands pic.twitter.com/L0XJ7wn8RH
— Ghost In The Machine (@Ghost56ishere) May 1, 2024
One user who goes by Captain F0M0 said that at this time in Bitcoin's journey, "weak hands will be shaken out," and another noted that "only the strong survive in times like this."
Exactly!!!! The greatest battle lies in our minds. Stop conjuring doomsday scenarios and let the market run its course. Weak hands will be shaken out, paving the way for our financial freedom. #Bitcoin is the future. 🔥🔥🔥 pic.twitter.com/2j8O5Uz0F6
— Captain Fomo (@CaptainF0M0) May 1, 2024
Another user said traders will get "rekt" during BTC's dip, but hodlers will be "rewarded." The term rekt in the crypto space is a misspelled version of "wrecked," which refers to a trader who gets destroyed due to losses from price crashes.
Traders get Rekt
— Don Ranalli (@ranalli_don) May 1, 2024
HODLers get rewarded#bitcoin
Several other users said it was the best time to buy. "Nothing major but a great buying opportunity," one user said of the price plunge. A crypto investor agreed, saying he will hodl and buy more Bitcoins.
One shared his hodling strategy to Saylor's followers, saying he never opens his brokerage account whenever Bitcoin falls as it only "weakens" his hands.
On days like this I never open my brokerage account. Looking at your balance weakens your hands. So unless I'm buying, I just watch the #Bitcoin📷 price, but never my account balance.
— Greg Hathorn (@GregHathorn) May 1, 2024
Saylor and his many followers join other bulls in believing that the world's largest digital asset by market cap is just going through a standard dip after the halving – when BTC mining rewards are split in half, reducing the release of new Bitcoins into the market – and will ultimately peak weeks or months later.
Despite the optimism among Bitcoin enthusiasts and maximalists like Saylor, there have been earlier warnings about the digital coin unlikely following the pattern it had in previous halving cycles.
Investment banking giants Goldman Sachs and JPMorgan urged Bitcoin users to not rely too much on data from previous halvings since the economic environment BTC went through before the 2024 halving was different from the ones faced by earlier halving events.
As of writing, Bitcoin prices are moving around $57,300 and $58,000.
