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?
If $300K is the money you can afford to lose and you are ready to invest in Bitcoin, you can do it anytime you want and keep it for the long term. Bitcoin is a very promising long-term investment to get double or even more profit and you can make it happen, but it all depends on how strong you are able to hold it because patience will always be tested when you have made enough profit which actually you can get much bigger profit if strong patience is always in you until the target you want is achieved. And nothing determines the price of Bitcoin other than demand, so the more people buy Bitcoin, the higher the price of Bitcoin will be and vice versa. But all of that is not a benchmark because in the end the price will be good again, the benchmark is your strength in holding Bitcoin with whatever happens until you are really satisfied with the price that occurs.