Never Sell Your Bitcoin: Is This Idea Foolish or Smart?

[shanhaigamefi]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

[Hatchy]

I guess for long term holders who have held for more than 4 or 5 years and have seen a lot of profits from holding, they can decide to sell off a bit of their Bitcoins. But then everyone has their own personal reason to hold or sell. This is why as a bitcoin investor, you should have a good source of income, to avoid selling of your coins at the wrong time. For small scale investors, who have barley seen good profits from their initial capital, it would be foolish to sell off.  But dont also be foolish not to sell your coins for money when it comes to a situation of life or death. Only the living will hold Bitcoin and enjoy its profit. You can always buy more when you are alive.

[Nwada001]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Both large and small holders have equal profits. The profit level for each holder can be calculated based on your buying price and the price it will be when you want to sell. If the profit is up to five times your buying price, it will be added to your portfolio based on what you hold. 
 
A large number of holders did not just start one day with all that they held; it took a gradual process, and one will have to accumulate based on what they can afford. With time, you will accumulate a higher amount if you don't sell. 
 
The idea of never selling your bitcoin; Bitcoin is not meant to be kept like doctoration in the first place. I can only interpret that statement to mean never selling my bitcoin at a low price, that's all, but when I see enough profit, I don't know how long that will be, but selling and refilling the wallet at the right time is also not a bad idea.

[Zaguru12]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Starting from the subject I will say never selling your bitcoin is as definitely not what is meant, rather it is sell your bitcoin at a profitable price and that is only possible if you basically hold for long. Both the big holders and the smaller holders took a considerable risk that they know they can afford to lose and the profit is also equal to that same risk, so if the big holders are also taking profits and the smaller holder too cannot risk beyond that, they should also take their own profits too.

Bitcoin is either treated as a currency or as an investment, any of the both options picked, you need to make use to it. It will be absurd to just accumulate bitcoin, see it in profit and when in need of funds you don’t go to get breakthrough there. It’s like not benefiting from your investment. I personally believe taking profits is part of all this holding bitcoin process

[mu_enrico]

What do you mean by "never"? Is it literally hodling Bitcoin forever, or just a figure of speech to hodl it long enough to sell it at ATH or whatever your target is? The idea can be foolish or smart, depending on what happens in the future, which cannot be forecasted. If you only look at the years up to 2024 (present), then it is smart! Look at the percentage increase in Bitcoin's price. But it may or may not be true in the future, so people should always manage their risk.

[Zlantann]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Bitcoin is a currency that is used for the exchange of goods and services. It is also used as an investment to make gains. I don't think anyone intends to keep his coins forever.

However, your post would have been more meaningful if you explained why you think smallholders will not benefit from keeping their Bitcoin for a long time. From 2009–2015 Bitcoin price started from $0.10 and was around $732 at the end of 2015. Someone who had just 5BTC might be seen as a smallholder during this time. If this smallholder had held his coin to date, he would have made a fortune from his so-called smallholding. It might be hard to believe, but you should know that Bitcoin price will keep growing to the extent that an insignificant bit will give you a fortune in the future.

I encourage low or medium-income earners to keep saving and buying Bitcoin using DCA and don't be discouraged by all these baseless claims. Your hodlings might look worthless compared to what big hodlers have, but we shouldn't be discouraged. Everyone should buy Bitcoin based on their abilities because we are not competing with anybody.

[HeRetiK]

This feels a bit like asking whether never spending your money is foolish or smart. While you shouldn't waste it, what's the point of having money if you never spend it? Though of course this would imply taking "never" quite literally.

Assuming you mean holding onto Bitcoin as long as possible, rather than literally never selling it: It really depends on your personal situation. If you struggle, it would be foolish not to derisk a little. If you can afford it, it might be smarter to stay in the market.

[shield132]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

If we all hold our Bitcoin and don't make a transaction, then the Bitcoin ecosystem won't be strong and Bitcoin as a payment method won't become massively adopted, this action will not benefit the largest Bitcoin holders. Don't get me wrong, holding Bitcoin is not a bad idea, I only want to say that if we all hold Bitcoin and do nothing, it will be bad. Bitcoin should be in circulation, and massive usage, it should create good and that will benefit everyone.
Imagine you hold tons of gold and don't touch them, you are no different from someone who doesn't own gold because you never sell it.

[Marvell1]

My view is that it would be a stupid idea because at the end of the day, bitcoin is just money, it is meant to serve our lives and what will we get if we don't sell it?
We are just retail investors and we need money to maintain and meet our life needs. So, hold on to bitcoin as long as you can but think about using it for a better life. Never hold on forever while your family and children are having a miserable life, it's really a stupid idea.

There may be people who will never sell their bitcoins because they are too rich and don't need them, but don't try to compare us with other rich people. Let's be realistic and make the best decision depending on our situation.

[Yucky]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Bitcoin is just like money, when you have money what do you do with it? It's either you spend it to buy something you're in need of or if you don't have a need for it at the moment, you could alternatively save it till you have what to use it for. Saying that you should only keep your Bitcoin and never sell it when you have needs to sort out is to some extent foolish.

Maybe for people that have some funds they aren't using and would just prefer to keep it in Bitcoin, it's for those people you could think of as HODLers and for them, they can decide not to sell it and think on on how to become profitable from what they currently hold.

[Dr.Bitcoin_Strange]

Since I understand Bitcoin better than I did before, my opinion has always been and will remain that every Bitcoiner had motivation that prompted them to invest in Bitcoin, and every Bitcoin investor also has a goal that they have set for their Bitcoin investment. That goal of investment is what can help a bitcoiner decide if they must sell their coin or not; it's the goal that will help them determine when to sell and when not to sell (perhaps a wise and patient investor only wants to sell when they have made a satisfying profit). 

There is no one who makes an investment without having any plans or goals in regard to that investment. Some people are investing in Bitcoin just so that their children can inherit it, while others are still holding unto their Bitcoin because they are so rich, and even if they sell their coin, they don't know what to do with the money at the moment. So, it all depends. 

[Smack That Ace]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

With an asset that has a limited supply and increases in price over time like bitcoin or gold, holding them for a long time will benefit the rich, or be stored in the national treasury budget is a great thing. But for people like us, who work hard and have to worry about every meal every day, holding on to bitcoins forever would be a bad idea.

Everyone's goals are different, but if your purpose of investing in bitcoin is to have a better future and a more comfortable life, then I don't think you should hold onto bitcoin forever. Don't forget what is the goal for which we invest in bitcoin.

[Helena Yu]

Nope it's not foolish, the foolish thing is someone asking to other people about his life, what to do, including the way he want to spend his money.

I'm just wondering why someone want his life to get controlled by other people, if other people say you should eat your own shit, would you eat your own shit?

Each people have their own way to live in this world, you can't ask other people to follow your live and vice versa. If someone don't want to spend their coins, it's up to them, why we should care with their choice.

[mirakal]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Never sell your bitcoin if the current price is at a lower position, otherwise you are not selling to gain profits but to lose your future profits. However, if you have been hodling for quite long years and you think this is the perfect time to sell, then never hesitate to sell. We should be selling in order to enjoy our profits, not to keep hodling our coins forever. But if you think by hodling more it will make you richer in the process, well that’s true. The longer you hold, the bigger profits will be waiting for you, as long as you sell for profits.

[Natalim]

What do you mean by "never"? Is it literally hodling Bitcoin forever, or just a figure of speech to hodl it long enough to sell it at ATH or whatever your target is? The idea can be foolish or smart, depending on what happens in the future, which cannot be forecasted. If you only look at the years up to 2024 (present), then it is smart! Look at the percentage increase in Bitcoin's price. But it may or may not be true in the future, so people should always manage their risk.

If you never sell because your target selling price has not been achieved, then you are dealing your investment smartly. If it takes hodling more before you will see it’s new ATH, then never sell but hold. But on the other hand, if you have been seeing bigger percentage of profits if you tend to sell now, I don’t think selling could be a wrong option. Sell when there is profits, hold when there is none. I believe that’s the only important thing if you decide to invest.

[Poker Player]

That idea is soooo Saylor.

The idea comes from the fact that billionaires do not sell their financial assets, they borrow against them. This, which is quite true, is not 100% true, because from time to time they do sell their assets. So, his idea is that Bitcoin is the best financial asset in the world, and the best way to get rich with it is to accumulate as much as possible and borrow against it.

This might make some sense if you have dozens of Bitcoins at least, but if you have 0.05 BTC you better forget about it. If you watch any explanatory video you will see how people who for example need $100K a year to finance their lifestyle to borrow against their assets and do it in a rational way and with minimal risk would have to have at least $2M in assets so that if a 90% drop comes you don't get screwed by a margin call.

[WillyAp]

once you need FIAT you exchange what you need.

In Business you need places where to store value.
Money has to work in order to produce more money and sustain your lifestyle.

[YOSHIE]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Carrying out the act of selling and buying Bitcoin in the crypto market in large or small amounts cannot be said to be stupid or smart, both lie in your own thoughts in understanding it, Of course, everyone has their own views and ways of carrying out trade or investment to improve their economy on a scale.

Selling Bitcoin lies in your thinking, it is smart if you calculate that you have made a profit and conversely if you sell there is no profit, what do you buy Bitcoin for....! If you buy to improve your economy, of course you have to think about profits when selling, whether in small or large quantities.

 Conclusion: you can sell now, if you have calculated the profit figures, that's a smart thought and it's stupid to sell and you'll actually make a loss.

[TheUltraElite]

Always and never are some terms I dont like to use in the context of speculative trading.

Holding for long is a practice that needs to be imbibed in the new investors. Because we old investors know that bitcoin's true profit is from long term holding and not short term gains. Years of stagnancy have happened and we have gone through them. The rise you are seeing in the last few months is new and this is not the norm.

Selling is of course welcome when you are in need of money. But saving is important and that is what has been emphasized over the years.

[Yatsan]

Exaggerated. Of course there will be a point that you will be selling in order to take or secure profit  It is just the idea of not selling too early because an uptrend or recovery is anticipated. Even with other assets you will be needing to do the same thing, simply to preseve the value of your holdings and obviously, to make bigger gains. Another is with panic selling; many investors, especially new ones, are just hyped of how much money other users have earned, but are not even understanding the "whole" process of investing and holding.

The market price will not consistently and continuously move up; there are personal milestones you could set as the owner of an asset to which you would be satisfied with profit. Just be mindful or managing the risk such as knowing the 'perfect' timing which is absolutely subjective.