12 Oct '17, 1pm

Why HODLING Is Hobbling Bitcoin's Prospects as a Common Currency

Michael J. Casey is the chairman of CoinDesk's advisory board and a senior advisor for blockchain research at MIT's Digital Currency Initiative. In this opinion piece, one of a weekly series of columns , Casey argues that bitcoin's appeal as an investment could diminish its effectiveness as a currency and calls for testing alternative cryptocurrency models. Bitcoin traders like to say their best trading strategy is not to buy and hold, but to buy and "HODL " – hold on for dear life. For the umpteenth time, it's paying off. Bitcoin's price has rebounded from a sharp drop in September, overcoming a bout of wild volatility that would scare off even the most seasoned Wall Street trader from other markets. Despite a slew of unambiguously negative news, from China shutting down bitcoin exchanges to a looming fork in the cryptocurrency's code that threatens chaos and acrimony in ...

Full article: https://www.coindesk.com/why-hodling-is-hobbling-bitcoins...

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