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Early Bitcoin: Spent, Not Hodled — The 10K BTC Context
I believe early Bitcoin users weren’t thinking about hodling 10,000 BTC — they were using it as a means of exchange. At the time the priority was transacting and experimenting, not long-term accumulation.
That context changes how we read early transfers and the narrative that all large early movements were deliberate hodling or market foresight.
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Analysis
Early user behavior points to Bitcoin’s initial role as a medium of exchange; large early outflows likely reflect spending and experimentation rather than intentional long-term accumulation, which inf...
Recommendation
This is a historical observation, not trading advice — factor the transactional origins into assessments of Bitcoin’s supply dynamics and watch adoption and store-of-value signals rather than inferrin...
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.