What do people mean when they say to hold on to bitcoin? If someone wanted to spend 300k usd of bitcoin should they spend this amount as soon as they have it or wait longer until its worth a lot more than just 300k usd? How can this be determined?
Your question is rather curious because an investment is unique to each individual.
A hodler is someone who believes in bitcoin, who converts his FIAT savings into bitcoin and waits until he has a project, for example. But he can also hodl to pass on to his children, to benefit from it when he retires, to buy a house one day...
But sometimes the hodler has to resell sats because he's lost his job or has a big unexpected expense.