Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?
Expect the wealthy Chinese to just go on vacation ,
while on vacation, they sell all of their Bitcoins for fiat .
They return home with the fiat and forget about bitcoin.
As many rich people have already stated , it is not like they need bitcoin.
(this will offend the bitcoin cult nutjobs)Problems for those stupid enough to hodl thru the Chinese vacation/sell off, is a continuing dropping price verses fiat.
And the next go around the Chinese won't be buying bitcoin.
So the btc glory days may be gone forever, especially when the US starts banning Bitcoin PoW mining.