Report: With Recent Bitcoin Gains, "Hodling" Is Becoming More Common. Bitcoin has been doing quite well as of late.
26 May 2023, 08:00
Report: With Recent Bitcoin Gains, “Hodling” Is Becoming More Common
Bitcoin has been doing quite well as of late. The currency just hit $30K for the first time in about 11 months, and everyone is on pins and needles about where the world’s number one digital currency will do next.
The Bitcoin Price Hikes Are Leading to More HodlingThe asset is doing so well, in fact, that hodling has become much more prominent in recent weeks. Initially written out to be “holding,” the term was misspelled online as “hodling” and it’s been utilized ever since when talking about holding the asset in one’s wallet and refusing to sell it, no matter what the market conditions may be.
In a new report issued by Bank of America, it appears the practice of “hodling” is getting to be more common. Prior, many people were in the process of selling their digital assets given how poorly 2022 went. It was an embarrassment and a disgrace to see currencies like bitcoin lose more than 70 percent of their value (the asset fell from an all-time high of about $68,000 to the mid-$16K range), and there didn’t seem to be much sense in holding these currencies given how weak the prospects were.