Why Bitcoin Not Going To Zero Right Now Blows My Mind

I've been a Bitcoin HODLR going on 5 years now and for all those 5 years even now I've been told I'm borderline insane and need to be committed, how can I believe in this digital money that is made from thin air and backed by nothing? Its a scam, its a Ponzi, its a bubble, it's going to zero, it never been tested, it never lived through a crisis, it has no history, it's not regulated, and the arguments continue.

I started out holding 1% of my net worth in cryptocurrency and over the past 5 years have grown considerably bullish and numb to short term pricing and moved it up to 10%. I wouldn't say I am the most risk on guy in crypto but I feel I've got some real skin in the game.

Bitcoin

Image source: - sdtimes.com

Bitcoin has taken a battering from FUD, governments, regulators and manipulation for years and yet it continues to stick around. Its had 80% retracements and yet it's still sticking around. There are 1000s of altcoins and yet it's still sticking around.

There are other asset classes that are gaining value like gold and it's still sticking around.

There are other asset classes being propped up by fed puts and money printing and yet Bitcoin doesn't seem to be bothered by anything. It remains uncorrelated and continues along its road undisturbed.

The fact that a pandemic, with millions of jobs being lost and so much market manipulation and need for liquidity going on you, would think all of it would have broken Bitcoin if it wasn't sound money, yet it continues on its way to the next halving, bullish as ever.

Bitcoin literally doesn't care about any of us, it's going to do what it was programmed to do and you either get on board or get out of its way.

HODLrs of last resort

One of the key pillars to Bitcoins strength has to be the HODLr's those who are long term believers in where this is going and aren't selling or thinking of selling at any value until we reach mass adoption. This unwavering belief is impressive considering how much it has been tested and how many continue to HODL without a care in the world.

HODL'ing is something that is clearly on the rise, each year Bitcoin is produced more of it continues to be locked away and never moved. These are the real market makers, not the traders, the HODL'ers remove a large percentage of Bitcoin from the market and reduce the liquidity and help maintain prices especially when the speculators try to push it down.

The Lindy effect

Each year that Bitcoin survives the passion for HODL'ing increases and the Lindy Effect gets stronger. For those of you who don't know the term

The Lindy effect is a theory that the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age so that every additional period of survival implies a longer remaining life expectancy. Where the Lindy effect applies, the mortality rate decreases with time.

I agree with Chamath, when he says this is a Zero-sum game, it either builds it's on economy and asset class or it goes to zero, there's no in-between with Bitcoin.