The psychology behind ‘hodling’ during a bitcoin price drop ...Middle East

Quartz - Economy
The psychology behind ‘hodling’ during a bitcoin price drop
source : Quartz ( Middle East ) () 7
Earlier this week, bitcoiners found themselves on a wild single-day ride.On May 19, after China announced a crackdown on cryptocurrencies, bitcoin’s price dropped off a cliff, falling 30% at one point before partially recovering—seemingly because of an encouraging tweet from Elon Musk.On social media, bitcoin believers immediately shared their opinions about what was happening and began trying to persuade others to “hodl” on. For some, the crisis was an opportunity to further forge the social identity of the group with self-flattering, even romantic memes about a bitcoiner’s unflappability in the face of possible losses. The message: Cool cats don’t sell.Read the rest of this story on qz.com

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