coinfomania.com
In 2014, a historic bitcoin sell-off took place that blew away a then longtime hodler from the market, leaving behind a lesson for weak hands like him.
A Twitter thread today recalled how the Bitcoiner, who identified himself as “the_BearWhale” on Reddit sold off 30,000 BTC at a dip of a little over $300, worth $9 million at the time, for fear he could lose all his investments as the crypto failed to perform as expected.
Notably, the bear had a good start with bitcoin when the most popular cryptocurrency was selling at $8 per coin. He wisely refused to touch his Bitcoin stash until it sold for $=1000. Even as the historic Mt Gox hack took place, the_BearWhale held on.
Catalysts to His Notorious Sell-Off
Although the bear was and still is a big fan of decentralization, he lost heart to Bitcoin critics, making waves across social media platforms as a blind for personal profits.
“It was all a carefully crafted and funded disinformation campaign launched by Roger Ver and his cronies, perhaps Jihan Wu, to discourage improvements to the bitcoin protocol to achieve financial gain at the expense of the community,” he wrote.
More often than not, each time bitcoin turns bearish, it is commonly preceded by a remarkable event or news surrounding the cryptocurrency market and the industry at large, like it was the case when Elon Musk announced that the electric car company will no longer accept Bitcoin.
As events turned out, the notorious bear learned that his irrational decision to sell off what could have turned out to be a world of fortune today was based on false stories.
Lessons in a Hard Way
A seasoned bitcoin hodler requires a great deal of self-control to reap the rewards of patience in the future.
Although the bear made more than 3600% profit, if he had held till date, the then $9 million worth of BTC would today sell for over $1.6 billion calculated by live data on Cryptocurrenciestowatch.com.
Four years later, “the_BearWhale” refilled his bitcoin bags, but this time he said he is all in on the king coin and not willing to sell anytime soon.