Mark Cuban, a billionaire, and crypto-asset supporter has distinguished Bitcoin (BTC) hodlers’ perseverance as a guide that stock investors can follow.
According to the Cuban, after gaining the asset at high prices back in 2017, the hodlers “held on because they believed in the asset.”
Following in the Footsteps of BTC Hodlers
These long term hodlers were cold even when the crypto asset lost more than two-thirds of its value after the 2017/18 bull run ended. Cuban’s remarks about BTC hodlers were in reply to a request for advice to stock traders that incurred losses in the past week. In his reply, the billionaire, who recently praised the efforts of Wallstreetbets (WSB) traders, explains that regular stock traders should follow an approach that is similar to his and that of BTC hodlers.
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.
Throughout the same ‘Ask Me Anything’ (AMA) session, the Billionaire also addresses the likely entanglements of WSB’s game-changing fight again Wall Street powerhouses. Nevertheless, Cuban does recognize one flaw that went against the success of the revolution.
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.
Cuban’s latest appreciation of the WSB movement is the second time he has done so in less than a week. Before the AMA, he wrote in his blog about how the “store of value generation” is challenging the status quo.
The billionaire also took time to demonstrate his fondness for “game-changing technologies.” Replying to another Reddit user, Cuban says he has “no interest in selling any tokens that I buy or earn.” Alternatively, the billionaire informs the user that he is “in this because he thinks some of the next great applications can be built on top of the blockchain.”
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