Strategy Chairman Urges Bitcoin Investors to HODL Amid Price Dip
Michael Saylor, the executive chairman of Strategy, is urging Bitcoin investors to continue holding BTC amid the recent market downturn. The chairman of Strategy took to X today to post a one-word message to the Bitcoin community: HODL. This term originally came from a typo in a 2013 BitcoinTalk forum discussion, when a user mistakenly posted HODLING instead of HOLDING. Since then, "HODL" has become a staple in the cryptocurrency community, serving as an acronym for "Hold On for Dear Life." It encourages investors to maintain their positions and hold their assets for the long term, even in the face of short-term market fluctuations.Saylors tweet today urged Bitcoin enthusiasts to stay strong and continue holding the asset despite its recent price dip.https://twitter.com/saylor/status/1909939364588585270Recent Crypto Crash Notably, Bitcoin suffered a devastating collapse earlier this week due to Donald Trumps tariff war. The impact of this trade war has spread across several financial markets, including stock and crypto. Specifically, on April 7, Bitcoin crashed below the $80,000 price mark to a daily low of $74,436, its lowest price in five months.Notably, Bitcoin showcased resilience, climbing above the $80,000 mark the following day. However, the recovery was short-lived as Bitcoin dipped again below that level. The top crypto is trading at $76,925 per coin, representing a decline of 4.29% over the past 24 hours. Saylor Remains Confident in Bitcoin Amid Dip Since the latest market downturn, Saylor has remained confident in Bitcoin as he continues to share positive comments about the asset. During the peak of the April 7 downturn, the Strategy chairman maintained that one Bitcoin would always remain one BTC. Yesterday, he asserted that Bitcoin is digital gold, suggesting that the premier cryptocurrency has functions similar to those of precious yellow metal. Recall that Fed Chairman Jerome Powell also shared a similar sentiment on December 4, noting that Bitcoin is digital gold. Following todays drawdown, Saylor has urged investors to HODL for the long term despite recent price dips. It is common knowledge that Saylor has been a strong believer in Bitcoin since 2020, when he led Strategy (formerly MicroStrategy) to its first BTC purchase. The company has grown its Bitcoin holdings to 528,185 BTC, which are currently valued at $40.63 billion. This strategy has also inspired corporate entities like Metaplanet to buy and hold Bitcoin as part of their treasuries.
Text source: The Crypto Basic
