“After bitcoin’s frenzied rally last year, prices have lost about two-thirds of their value from a December high. The cryptocurrency had been trading around $7,000 in recent days, although a sharp jump Thursday morning briefly lifted the price above $7,900, according to CoinDesk,” writes Steven Russolillo in the WSJ. “Nonetheless,” he continues, “in the past few months, bitcoin has faded off the front pages of newspapers and it no longer dominates people’s social-media feeds. Global internet searches for the word “bitcoin” have fallen by over 80% from December, according to Google Trends.”
Who are the current owners of bitcoin?
“[T]he early adopters—people who bought in years ago and remain optimistic regardless of wild, short-term moves in prices,” notes Russolillo. “They buy and HODL—an acronym for “hold on for dear life”—that often epitomizes cryptocurrency enthusiasts.”