Hodling Created Bitcoin’s Scarcity — Why Pizza Day Matters
I think if most holders had acted on the impulse to spend rather than hold, we wouldn't see many long-term whales today—people would have sold or used BTC at higher prices than they did. The concentration of coins among long-term holders reflects a widespread choice to preserve rather than circulate the asset.
To me, the reason "Pizza Day" is memorable is that almost no one dared to use BTC instead of holding it, which reinforced scarcity and the long-term value narrative.
Analysis
Recommendation
This is commentary, not a trade signal. If you believe in the long-term hold thesis, maintain exposure accordingly; otherwise treat this as a historical insight rather than a prompt to buy or sell.
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