An investor who continues to hold large amounts of a specific coin or token, regardless of its performance.
There are several potential reasons for this. The most simple is that the investor believes the potential long-term gain will outweigh any immediate losses. Alternatively, they may be laboring under the sunk cost fallacy.
News stories about price fluctuations are usually accompanied by huge spikes in crypto investment by people who have no previous experience in this asset class. Inevitably, many of these investors lose interest again over time — especially if their investment was not large.
Bagholding does pay off in some cases. There have been many stories of first-time investors who bought Bitcoin many years ago, forgot about it, and then discovered that they were sitting on hundreds of thousands of dollars — and sometimes even millions.
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