HOLD ON FOR DEAR LIFE!
Seriously, back at the end of 2013, when Bitcoin shot up to the once-considered-ridiculously-high price of $1000 and then was crashing back towards $250, there was a dude on the bitcoin talk forums who posted, “I AM HODLING.” In all shouty-caps. He said he typed it twice and saw it was still wrong, but he didn’t care, he’d been drinking… and apparently thinking. And he was right.
He said that the people who buy into hype and sell into panics are just hurting themselves - they’re feeding the day-traders who outplay the average person. But if you buy and hold, the day-traders can’t play you at all. And a little more than three years after he typed that, Bitcoin was over $1000 again. And a year after that - 2018 - bitcoin is is over $8000, even after the big drop in January of 2018. In the end, he was right. HODLing paid off.
Anyone who wants to can still go see the original post, which is still visible on the Bitcoin Talk forums (warning: post contains profanity.)
His conclusion was simple:
You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.
Today, the term HODL is used for the simple strategy of buying and holding for the long term, and ignoring day-to-day market fluctuations. In times of market turmoil, he is a heroic icon to many in the crypto investing world.