Different persons have different ideology of holding Bitcoin for long time so the essence of holding bitcoin from my own perspective of life is that you have to understand the procedures of investment because holding Bitcoin is like having a target of multiplying what you have because any crypto investor have plans and the plan of holding bitcoin is to make a profit in future so the essence of holding bitcoin for long time is to make a profit in nearest future so that is why many persons indulge in Bitcoin holding and also bitcoin investment for long term
It is not actually all the bitcoin Hodlers that actually hold because they want to make profits in the future. Some hold because of one or more of the following reasons;
- Because they see bitcoin as a way of saving to beat inflation.
- Because they have enough in the present, so they can't predict the future and not sure what bitcoin will become in the future.
- Some are HODLing because they misplaced their seed phrases. LOL
- Some are HODLing because there's no problem the money will solve now
- While some are undeniably HODLing with the faith that BTC can get to 1 million dollars someday.