Following the rapid drop in the price in Bitcoin and the cryptocurrency space in general, there have been a few people on social media advising people not to panic sell and “HODL” (hold on for your dear life), a term used in the cryptocurrency world which refers to holding a cryptocurrency and not selling.
Charles Hoskinson, the founder of Cardano and the ADA token, took to Twitter stating: “One of those days. For all the new kids in crypto, welcome, these days are surprisingly common.”
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One of those days. For all the new kids in crypto, welcome, these days are surprisingly common pic.twitter.com/5bcuptxOoy
— Charles Hoskinson (@IOHK_Charles) May 19, 2021
Elon Musk also tweeted stating: “Tesla has Diamond hands” and “Credit to our master of coin” suggesting that Tesla will not be selling its bitcoin holdings.
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Tesla has 💎 🙌
— Elon Musk (@elonmusk) May 19, 2021
Changpeng Zhao, the owner and creator of Binance also took to Twitter stating: “Strong hands shaking out weak hands. Just my opinion. nfa.” and “If you panic sell, you won’t be crypto rich. NFA.” He is also suggesting to investors not to sell while quoting a very popular slang in the cryptocurrency market, “NFA” meaning “Not Financial Advice.”
https://twitter.com/cz_binance/status/1395039834184437761
If you panic sell, you won't be crypto rich.
NFA.
— CZ 🔶 BNB (@cz_binance) May 19, 2021
Michael Saylor, who is the co-founder of MicroStrategy also took to Twitter stating: “Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi. #Bitcoin Forever.”
Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi. #Bitcoin Forever.
— Michael Saylor⚡️ (@saylor) May 19, 2021
Olumide Adesina, who is an investment trader and financial market writer on Yahoo! also stated: “Weak hands lost out, its important staying off more often from the #Crypto trading app.”
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Weak hands lost out, its important staying off more often from the #Crypto trading app
— Olumide Adesina (@olumidecapital) May 19, 2021
Cathie Wood, the founder, CEO and CIO of ARK Investment, said in an interview with Bloomberg that she still believes that Bitcoin will go as high as $500,000, despite the energy consumption concerns relating to bitcoin mining.
What this means
These comments indicate that as much as there seems to be a market selloff on major coins, relevant stakeholders and investors are still very bullish on cryptocurrencies in the long term.
At the time of writing this report, Bitcoin is closing back to its $40,000 range.