It might be effective but you can't control users and investors in that way that you can prevent selling. To my opinion just holding bitcoin isn't the best strategy also, bitcoin is created to be actively used not only as an investment asset.
that's right all have their own will and it's true that the use of bitcoin should not be a long-term holding because naturally bitcoin is used for trade transactions every day that I know.
Holding is the best way for our funds and investments, If we sell it in low price we will not have a profit anymore. We should be aware of our decisions in making our source of income, The best way to do now is to hold for the hope of having our funds in the future.