Anyone have views on this movement that seems to be gathering pace last few days?
The basic concept I believe is that if we all act in unity, and collectively pledge to Hodl, then with continued demand (and far lower liquidity due to everyone hodling) the price will move in a sustained upwards direction. The "game theory" being who breaks the pledge first as they "selfishly" trade. So you take the pledge and spread the word to others.
Personally I like the idea and "get it". I'm a hodler and will do my part. But the "traders" seem almost offended at such a proposal.
Personally, I think a lot of traders kid themselves about being able to profitably trade. The only guaranteed winner on trades is of course the exchange, which over time sucks money out of the crypto ecosystem, much like a rake on a poker table.
I would post the image that can be circulated if you take the hodl 100 pledge but no idea how to post pix here.
$100k seems a very realistic prospect for the end of 2022, and I'm sure many people are interested in hodling till this symbolic target price. That being said, I don't like the idea of uniting and hodling till $100k because then comes the natural question: what next? And if the goal is to hodl till $100k, they'll most likely sell everything once the price gets there, and this will be very damaging for the price as well as for Bitcoin's reputation among investors. Everyone should have a target price or at least a target purchasing power because otherwise Bitcoin's just numbers on the screen. But if many people set the same target price, it'll have negative consequences for those who are left.
Could actually happen in 2 or 3 years, unfortunately, it is also true that forming a group would likely cause the price to plummet, and no ones like that, also, if everyone will hodl, the chances of Bitcoin's value reaching 100k will take longer, so it is also true that everyone of us must have a target price of selling our bitcoins.
Also, hodling is such an idle thing to do, most hodlers will get bored and wait for the green light to sell their hodlings, not unless if you do have passive or reserved BTC intended for hodling once BTC reaches a new ATH or even $100k.