"Why haven't the earliest participants sold their Bitcoin, and some haven't even

[Kaliandra]

Of course there are many reasons why people who used to buy Bitcoin don't sell it until now, even during the bull run they don't sell it, according to what I know, as follows.

1. The reason people don't sell their Bitcoins until now even when the Bitcoin price rises is because they know the potential of BTC in the future but they only have a small amount of BTC for example 5 Bitcoins or 3 BTC because in my opinion people who have a lot of BTC have mostly sold it. even though only half was sold. but for those who have a few BTC people see a lot of potential in the future and see a small supply of BTC, but they are rich people and have a large income in the real world, so they don't sell it because they want a bigger profit in the future.

2. because don't know how expensive BTC prices are and  are busy with work in the real world.

3. because of losing the keys or because of death, and the one I hear most often is because of losing the keys.

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[Lorence.xD]

I think many of them didn’t backup their private key and have lost access to their wallet. People were careless with wallet security back then, the value of bitcoin was not high so it wasn’t really a big deal to lose sleep over. Once in a while, we see a dormant address suddenly become active and moves coins out the wallet. Another reason would be death, the owner of the wallet may have died and did not make provisions for his family to inherit the bitcoins.

Can't imagine the regret those people have, especially if they have a significant amount of Bitcoins back then. Even if they didn't have, they can always buy more. Those dormant address who suddenly came to life might be from the lucky and knowledgeable pioneer hodlers. It is also possible that some where recovered, and some are from the hacker. They think the public will get tired of tracking them if they keep silent for a long time.

A lot of Bitcoin are lost and out of the circulation because the owner have died. This is why it's important to not be selfish and find a trusted person that we can share our private keys or seed phrases with.

Some might regret and some might not, cause Bitcoin is still part of crypto where volatility exists so people wouldn't still predict or expect the outcome of Bitcoin's market. Unless you are one of the people who are holding literally huge amounts of Bitcoin and use it for silly things like the example of the guy who used thousands of BTC just to buy a pizza, big regrets indeed. Plus people might be too busy to remember to access their wallet as they might have thrown the hard wallet and the fact that from years people might also forget the passwords and seedphrase.

[CryptSafe]

I strongly believe that Bitcoin early birds were very smart enough to get hold of the system smartly. Most of the dormant wallet you see holding Bitcoin for years are just alternate wallets by those who were opportuned to get hold of Bitcoin and they decided to hodle some of their wallet for a very long time while they merry with other wallets holding some worth portion of Bitcoin to sustain themselves.

However, some might be as a misplaced key phrase which the owner has long lost access to or death of the owners as already mentioned by other members here.

[Antotena]

Why haven't the earliest participants sold their Bitcoin

If I have the opportunity to be among the OGs that had opportunity to have bitcoin in the golden days of bitcoin, I will probably hold some and sell some of them. The reason for selling is to cater for my current financial level because I can't millions in bitcoin without selling some for myself. I will leave the rest to see how the future goes because selling all your bitcoin without having any in your care is like becoming slave to the tradition financial market.

The oldest people are still holding because they are rich already with some they sold back in the days and they are leaving very fine. Most of them like their privacy, so they don't show to the world ttey have this bitcoin to their private keys. Just imagine selling everything at todays price and then next year after the halving bitcoin rose to $100k, that's like 3 times the current price of bitcoin. So why sell your bitcoin when you don't even need the money right now? That's the common sense why I think they are still holding.

[DeathAngel]

The earliest participants of Bitcoin often referred to as "Bitcoin whales," may have various reasons for not selling their coins. They might believe in the long term potential of Bitcoin and expect its value to increase further.
Selling a large amount of Bitcoin could potentially cause a significant price drop negatively impacting their own holdings. Some may also view Bitcoin as a store of value or a hedge against traditional financial systems & therefore choose to hold onto their coins. They may have personal reasons such as sentimental value or a desire to support the cryptocurrency ecosystem. Hell, they could even have been so early that they lost access to their coins or got rugged by Gox or similar.

[super bako]

I imagine that people who have a lot of bitcoins seem to live their lives freely without any other entanglements, preferring to live a quiet and private life. On the other hand, maybe most Bitcoin wallets have been inactive for a long time, maybe people have died or lost their private keys.

[doomloop]

Unless you are one of the people who are holding literally huge amounts of Bitcoin and use it for silly things like the example of the guy who used thousands of BTC just to buy a pizza, big regrets indeed.

Even if the person who did that regrets his decision now after so many years as the price have hugely appreciated, I wouldn't call that purchase to be silly or stupid because it was the demand of the time and he has become one of the earliest people to use Bitcoin to purchase something in the real world at a time when only a few people knew about Bitcoin and its existence, and I believe that's an achievement in itself and it's the only reason why he is so popular and everyone knows the story. I bet no one would know the guy if it wasn't for that crazy purchase using Bitcoins.

Based on this theory, anyone who uses Bitcoin to buy something or even convert them to cash right now will be making a silly move according to the people in the future when Bitcoin will be worth maybe 100 times more than what it is right now, but that's a wrong mindset because we tend to pay for things with assets based on their value in the present and we don't think about what their value might become in the future.

[Essential10]

The volatility and unpredictability of the cryptocurrency market may dissuade early participants from selling their Bitcoin. They may fear selling at the wrong time and missing out on potential future gains. Some early Bitcoin adopters may also have ethical or ideological reasons for holding onto their Bitcoin, such as a belief in decentralization and the potential to disrupt traditional financial systems. Furthermore, some early participants may simply not need to sell their Bitcoin at the moment, either because they have sufficient financial stability or because they have other investment strategies in place. It's also possible that early participants are waiting for specific price points or milestones before considering selling their Bitcoin. Ultimately, the decision not to sell Bitcoin for early participants may be influenced by a combination of technical, logistical, personal, and strategic factors. Each individual's situation and motivations will vary, leading to a diverse range of reasons for holding onto their Bitcoin.

[angrybirdy]

I strongly believe that Bitcoin early birds were very smart enough to get hold of the system smartly. Most of the dormant wallet you see holding Bitcoin for years are just alternate wallets by those who were opportuned to get hold of Bitcoin and they decided to hodle some of their wallet for a very long time while they merry with other wallets holding some worth portion of Bitcoin to sustain themselves.

However, some might be as a misplaced key phrase which the owner has long lost access to or death of the owners as already mentioned by other members here.

possible that they have various reason why they really want to hold their coins for a very long time. It's a case to case basis. There are some kind of investors who have set a proper timeline before they sell their investments, as long as they have enough money and savings for their daily needs, they don't have to move their investments unless there's a crucial reason to use it.

I read something here in forum before that one of the reasons why they haven't sell their hodling is because it's been so long, that they can't remember where their wallet IDs are, just like what you've mentioned, some of them misplaced their key phrase and Other reason is about technical issues just like Lost device and computer system issues.

[CryptSafe]

I strongly believe that Bitcoin early birds were very smart enough to get hold of the system smartly. Most of the dormant wallet you see holding Bitcoin for years are just alternate wallets by those who were opportuned to get hold of Bitcoin and they decided to hodle some of their wallet for a very long time while they merry with other wallets holding some worth portion of Bitcoin to sustain themselves.

However, some might be as a misplaced key phrase which the owner has long lost access to or death of the owners as already mentioned by other members here.

possible that they have various reason why they really want to hold their coins for a very long time. It's a case to case basis. There are some kind of investors who have set a proper timeline before they sell their investments, as long as they have enough money and savings for their daily needs, they don't have to move their investments unless there's a crucial reason to use it.

I read something here in forum before that one of the reasons why they haven't sell their hodling is because it's been so long, that they can't remember where their wallet IDs are, just like what you've mentioned, some of them misplaced their key phrase and Other reason is about technical issues just like Lost device and computer system issues.

It is true that most of the wallet holders might have had one issue or the other that warranted them to ignore the wallets holding their Bitcoin assets. However, that does not mean that.the issue of wallet key phrase is the only problem they are facing but rather some might be as a result of their holding for a long time so as to accumulate huge amount of profit on the long run.while some are another issue.
But in all, there must be one reason or the other that warranted wallets of that nature to be inactive irrespective of the   number of years the wallet has stayed.