Crypto-asset supporter Mark Cuban has described bitcoin hodlers as being a model for stock investors. According to him, after the asset was acquired at high prices in 2017, hodlers “held on because they believed in the asset.”
Long-term hodlers weren’t moved when Bitcoin lost over two-thirds of its value following the end of the 2017/2018 bull run. Cuban also praised the efforts of Wallstreetbets traders and mentioned that regular stock traders ought to follow the same approach.
“When I buy a stock I make sure I know why I’m buying it. Then I Hodl until I learn that something has changed. The price may go up or down, but if I still believe in the logic that made me buy the asset, I don’t sell. If something changed that I didn’t expect, then I look at selling.”
What Went Wrong with WSB?
Cuban also spoke about the likely implications that the game-changing fight of WSB against Wall Street had and mentioned one flaw that held back the success of the rebellion:
“There was only one thing that messed you all up, Robinhood and the other zero commission brokers that everyone used didn’t have enough capital to fund the fight. They let you down in a big way.”
This is the second time that Cuban praised the WSB movement this week. A couple of days ago, he wrote on his blog that the “store of value generation” was challenging the status quo.
He also expressed his fondness for “game-changing technologies.” Cuban mentioned he doesn’t have any “interest in selling any tokens that I buy or earn.” Instead, he says he is “in this because he thinks some of the next great applications can be built on top of the blockchain.”