Them diamond hands are not as black and white as they might appear. First, let's quickly elaborate what it means and when it actually started: Some say you need to keep holding your investment for the long haul, even if the price has increased and you can sell at a profit, but most just see it as staying strong during downturns....WallStreetBets started using the expression "diamond hands" in 2018 or earlier. It really began to catch on during the Gamestop buying frenzy of 2021.
Alright now we got all that nonsense out of the way, what if your ''diamond hands'' have a six figure bank account to go along with it? Ahhh, the plot thickens. What if, your 10K risky asset along with your 100K savings hodl on to become 100K assets and 100K savings, whilst your favorite fast food employee's 10K holding of that same asset with his 1K savings decided to have paper hands? Was it really a paper vs. diamond scenario there? IDK, sounds to me this was more like a Mr. empty pants vs. Mr. six figure bank scenario. If you have 1K savings and 10K in a high risk investment and then decide to cash it out at 20K then IDC what anyone says, that's got to be some sort of gemstone hand right there.
The reason I'm making such a fuss about this is because I just like Al Bundy once was Mr. empty pants.đ Everybody calm down, I wasn't working at some trash food joint or a shoe store, my financial situation was actually worse than that, I was a student. And yes I eventually paper handed my way out of Bitcoin back then.âšď¸ But I'm proud to say that there was a time where there was more value in my BTC holdings than in my total fiat holdings, that's including savings, wallet, change under the couch (etc). That's not even diamond anymore, that's musgravite hands right there.đ
Now there is a gray zone in all this. Mr. empty pants could have just partially downsized his newly acquired 20K holdings or just take his initial investment out and not completely FOMO into that fiat. But hindsight in imaginary land is like bringing sand to the beach in your dreams, the point is all our personal situations vary. You do what's best for you and use your sound judgement while doing so. Don't let some joker clown you into following his path to the circus.
