Bitcoin HODLER One Day, Bitcoin HODLER Forever
How long do you plan to HODL Bitcoin?
Bitcoin is an incredible revolution that has been growing block after block before our eyes for over eleven years now. The people who fundamentally believe in the Bitcoin revolution are what we call Bitcoiners.
These Bitcoiners, of which I am one, believe that Bitcoin is the only cryptocurrency that really matters. The future belongs to Bitcoin, and the other cryptocurrencies will sooner or later see their value tend toward zero. The most obvious proof of the total trust that Bitcoiners have in Bitcoin is the fact that they continue to HODL their Bitcoins no matter what.
Bitcoiners are HODLers of last resort that allow Bitcoin price not to totally collapse when the least convinced users panic totally as it was the case on March 13, 2020.
On that black Thursday, Bitcoin price lost more than 50% of its value to reach a low of $3.8K. The strong rebound that resulted is to the credit of Bitcoiners who saw this as a great opportunity to accumulate even more Bitcoins at an incredibly low price.
Bitcoiners Fundamentally Believe in Bitcoin
Today, Bitcoin price has gone back above $7K, and those Bitcoiners are rubbing their hands. The number of addresses owning at least 1 Bitcoin in full has risen to over 800K as a result of the liquidity crisis that hit all liquid markets in mid-March 2020.
The episode of panic that we have just gone through in the Bitcoin world, gold, or traditional financial markets is giving way to a real economic crisis.
The decisions that are currently being taken by the Fed and other central banks around the world are to conduct a policy of easy money with trillions of dollars being injected into the monetary and financial system.
The big problem is that these decisions, which devalue what all the citizens of the world own, are taken in a totally arbitrary manner by people who are not elected by the people.
Thus, in the United States, a powerful minority at the head of the Fed has the power to drastically impoverish all American citizens.
These easy money policies have been used so much that they are working less and less, making it increasingly inevitable that an alternative to the current monetary and financial system will emerge. In my opinion, Bitcoin is the best alternative we have to opt-out of this system in order to protect what we own.
As a Bitcoiner, you often say that you are ready to HODL Bitcoin no matter what.
Often this phrase is used when Bitcoin price drops sharply. You use it to explain to non-Believers why you are not panicking. I myself have often used this phrase with people I know who can’t understand the importance of Bitcoin to the world of the future.
These non-believers are simply stuck in certain thought patterns that prevent them from seeing beyond the fiat system.
Let’s Imagine That Bitcoin Price Reaches $100K
Now, I ask you to imagine for a moment that Bitcoin reaches a price of $50K. When non-believers, biting their fingers for not listening to Bitcoiners, ask you how long you will HODL Bitcoin, what will you answer?
Better yet, when Bitcoin price may have reached $100K by the end of 2021, what are you going to do?
Behind this simple question, I would like to lead you to ask yourself about the plan you have for Bitcoin when its price reaches the highs it is promised to reach.
On forums, I read some pseudo Bitcoiners explain that they will sell a large part, if not all, of their Bitcoins if its price reaches $50K. Others are willing to wait for the price to go up to $100K.
Finally, some see even further ahead and say they are willing to wait until the price reaches $1 million.
Come to think of it, I get the feeling that these people are pseudo Bitcoiners who see Bitcoin as just a store of value. They see Bitcoin only as a hedge against currency devaluation.
Bitcoin Is Much More Than Just a Store of Value
While Bitcoin does play a role as a store of value to protect your wealth, this role is actually only Phase 1 of the mass adoption of Bitcoin that Bitcoiners are fighting for on a daily basis.
Phase 2 of Bitcoin adoption is to develop support for Bitcoin among as many merchants around the world as possible. Bitcoin needs to grow to become a true means of exchange, as well as a true means of payment.
Bitcoin allows you to opt-out of the fiat system to protect what you own today.
The goal then is to be able to use the wealth you have preserved with Bitcoin to make your daily purchases. In concrete terms, the plan is that one day you will be able to switch from the U.S. dollar and other fiat currencies to live your life on your own terms.
I realize that there is still a long way to go before Bitcoin reaches this level of adoption. However, remember what Lao Tzu said about this:
“The journey of a thousand miles begins with one step.”
— Lao Tzu
The journey for the full adoption of Bitcoin by the general public will be long, but as Bitcoiners, we are taking the first step by HODLing our Bitcoins no matter what the cost.
As a Bitcoin HODLer, you need to understand that you are embarking on a journey that will be long.
As always with Bitcoin, the more patient and resilient you are, the more you will be rewarded. If you support Bitcoin until its price reaches $100K, you will already be greatly rewarded, but you will probably miss out on something bigger.
That something even bigger than a $100K Bitcoin, or even a $1M Bitcoin, is a Bitcoin that would become a unit of account.
This is the expected Phase 3 of Bitcoin mass adoption.
Bitcoin May Become a Real Unit of Account in the Future
If Bitcoin becomes a unit of account, you will be able to live only by using your favorite cryptocurrency. Your company will give you the choice to be paid in Bitcoin instead of fiat currency.
Prices for goods and services will be displayed in Bitcoin as well.
At this hypothetical point in the future, we’d be in the middle of the hyperbitcoinization of the world. Such a hypothesis is getting stronger every day. This hyperbitcoinization would also mean that the U.S. dollar would have lost its place as the only world’s reserve currency.
By making the decision to HODL your Bitcoins for as long as it takes for Bitcoin to reach this level of adoption, you will be a double winner.
Firstly, you will be a winner because your unwavering belief in the Bitcoin revolution will have allowed you to see your wealth grow incredibly. Secondly, you will be a winner because you will be able to use your wealth in BTC directly to live your daily life without having to depend on the U.S. dollar or other fiat currencies.
You will then be totally free to live your life on your own terms. And that freedom will be given to you by Bitcoin, and the Bitcoiners community that has taken it to this level of adoption.
To the big question of how long I will HODL my Bitcoins, I believe my answer now will be:
Bitcoin HODLer One Day, Bitcoin HODLer Forever
I will HODL my Bitcoins until the day when Bitcoin adoption has reached its phase 3, and it becomes possible to live every day using only Bitcoin.
It’s up to you now. Your answer will help you measure your confidence in Bitcoin. For my part, it is total and unshakeable.