What I don't get is how big whales, like the Winklevoss twins, cannot do anything about this price drop. A recent article says they may have a loss around $350 million because of the recent price collapse.
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that's what HODLING is all about. They are long time hodlers.
How can you be sure they are not selling bitcoins, hoping to buy them back at a lower price? At the end of the day, bitcoin is simply a great speculative asset - so far you can barely use it as money.