In your bitcoin journey you may have heard or read the term “HODL” and wondered what it means. I’ve created this post as a quick explainer.
In the 4th quarter of 2013 the price of bitcoin made a breathtaking run from around $100 in October to a high of $1,164 (give or take) in late November. This created a tremendous amount of media attention which brought a whole new wave of investors and speculators. The price then proceeded to pull back to the $400 – $600 range in mid-December. This was quite a ride for long-term holders and quite a blood-bath for those who joined the rally late, right before the correction.
Here is the chart for that period:
On a popular online bitcoin forum, one investor publicly declared that he was “holding” his bitcoins and not selling despite the ongoing blood-bath. The funny thing is that he made his post after having a few drinks, presumably to help cope with the pain. Inebriated, he misspelled “holding” as “HODLING”. Here is his post:
Other sympathetic members jumped on the typo and an internet meme was born. A multi-page thread ensued and the meme flood began:
So, the next time you see bitcoin “crashing”, remember to stand tall and HODL!