# What HODL means: the 2013 typo that became Bitcoin’s favorite word

HODL is crypto slang for holding rather than selling. The expression began with GameKyuubi’s BitcoinTalk post titled “I AM HODLING” on 18 December 2013. It originated as a misspelling of “holding”; the later phrase “hold on for dear life” is a backronym, not the original expansion. Knowing the word’s history does not establish whether holding a particular asset is a good decision.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

Canonical: https://degreesofsatoshi.com/encyclopedia/hodl-meaning/
Published: 2026-09-23
Substantively modified: 2026-10-02
Independently verified by an automated reviewer: 2026-10-02T18:22:07.965Z

AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied.

## Key facts

- **The post:** “I AM HODLING,” 18 December 2013, BitcoinTalk, user GameKyuubi ([“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0))
- **Where:** The forum’s Speculation board, under Economics ([“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0))
- **First echo:** A reply reading only “HODL!” three minutes later, from user elux ([“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0))
- **The year’s prices:** Bitcoin ended 2012 at about $13.55 and 2013 at about $729.56 ([Bitcoin Price, Halving and Power-Law Selected Observation Set, v1.1.0](https://degreesofsatoshi.com/assets/history/data/bitcoin-price-halving-model-2010-2025-v1.1.0.json); [Coin Metrics community data repository](https://github.com/coinmetrics-io/data))
- **Dictionary:** Dictionary.com: “First recorded in 2013; misspelling of hold” ([hodl](https://www.dictionary.com/browse/hodl))
- **Not an acronym:** “Hold on for dear life” is a backronym added later ([Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme))

## One post, two attempts at the title, both wrong

On 18 December 2013, a little after ten in the morning by the forum’s clock, a BitcoinTalk user called GameKyuubi opened a thread in the Speculation section of the Economics board. The title was “I AM HODLING,” in capitals. The first line explained the title, sort of: “I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e.” The last lines explained the first: he had been drinking whisky, and he made a point of noting that the bottle spelled it without the e.

In between was a rant, and a good one. His girlfriend was out. The price was falling. “BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY,” he wrote. “It’s because I’m a bad trader and I KNOW I’M A BAD TRADER.” He was not claiming to know where the price was going. He was claiming to know something about himself, which is rarer on a speculation forum.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## Underneath the typos was a real argument: if you cannot out-trade the traders, do not play

Strip out the spelling and the post is a short essay on the trader’s game. Skilled day traders, he argued, make money by buying from people who panic and selling to people who chase. If you are not one of them, every attempt to time the market makes you their counterparty. “You only sell in a bear market if you are a good day trader or an illusioned noob,” he wrote, and then the line that gives the meme its spine: “In a zero-sum game such as this, traders can only take your money if you sell.”

His conclusion was to opt out. Not sell, not trade, not watch the chart, just hold, and let the people who are good at the game play it among themselves. Whether that is wise is a question this site does not answer; we do not give investment advice, and the post was written by a man who had, by his own account, been drinking. The point is that the meme has a thesis. HODL was never just a typo. It was a typo attached to an argument about humility.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## Why December 2013 was a hard month to be holding

The post makes more sense against the year it closed. By the price series this site uses, from Coin Metrics, bitcoin ended 2012 at about $13.55 and ended 2013 at about $729.56. In between it had climbed far higher, peaking in early December, and by the eighteenth it was falling fast. One reply that morning mentions having sold half a stack at $730 with a plan to buy back lower. Another says he is holding, and waiting for cash stuck at Mt. Gox, the exchange whose [collapse](/history/mt-gox-collapse/) was only weeks away.

The fall did not stop at New Year. The same series has bitcoin ending 2014 at about $320.66, less than half its 2013 close. Anyone who took the post as a promise of quick reward learned otherwise; anyone who took it as a temperament was tested for a long time. Our dossier on [market cycles](/history/bitcoin-market-cycles-and-power-law/) dates the December 2013 peak and the long drawdown that followed, and our [year-by-year price history](/encyclopedia/bitcoin-price-history/) fills in the rest.

Evidence: [Bitcoin Price, Halving and Power-Law Selected Observation Set, v1.1.0](https://degreesofsatoshi.com/assets/history/data/bitcoin-price-halving-model-2010-2025-v1.1.0.json); [Coin Metrics community data repository](https://github.com/coinmetrics-io/data); [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## Within three minutes the typo had a chorus

The replies came at the speed of a chat room. At 10:05 a user called Bitbuy offered “great story bro!” At 10:06, user elux replied with one word: “HODL!” That is the moment the typo became a word. By 10:09 piramida had added “We all shall hold!” and seleme was comparing hodlers to Spartans holding a line. “HODLING hard!” said one reply; “Keep HODLING,” said the next; “HODLOR! HODLOR!” said a third. Before the hour was out, a user named zedicus declared that elux had “started a movement.”

Bitcoin Magazine, marking the eighth anniversary in 2021, credits piramida with the first image macro: a still from the 2006 film 300 captioned “I AM HODLING!” CoinDesk’s history of the word records how it circulated through the community and became slang for holding bitcoin, and later for holding any coin at all. The thread itself never closed. It ran to 131 pages of replies, many of them arriving on later anniversaries, and it is still there to read, typos and all.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0); [Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme); [The History of HODL](https://www.coindesk.com/markets/2019/02/02/the-history-of-hodl)

## HODL vs hold: the same verb, but only one of them is a flag

Dictionary.com now lists hodl as a verb, “to avoid selling (cryptocurrency, other digital assets, or stocks), especially over a long period of time,” with the origin note “First recorded in 2013; misspelling of hold.” So the plain meaning is just hold. The difference is in what the spelling signals. To hold is to do something. To hodl is to belong to something: a community that expects wild price swings, has been through them before, and treats not selling as a shared discipline rather than a private decision. People who hodl call themselves hodlers.

One thing it is not is an acronym. “Hold on for dear life” is a backronym, an explanation invented after the word already existed, and Bitcoin Magazine’s anniversary piece says so directly: it “is not an acronym for ‘hold on (for) dear life.’” The original was a man who could not spell hold twice in a row and decided to own it. The expansion is a good fit for a market that can fall by more than half, but it was never the source.

Evidence: [hodl](https://www.dictionary.com/browse/hodl); [Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme)

## The word outlived the crash, and the bottle

Most slang from a 2013 forum is gone. HODL is not, and the reason is that it filled a need. Bitcoin’s culture has always had a lot of people who bought in, watched the price collapse, and needed a word for what they were doing that sounded like a choice rather than a mistake. HODL gave them one, with a built-in joke that made it hard to be pompous about. By 2019 CoinDesk could call it one of the most popular cryptocurrency terms and note that it had become a strategy in its own right.

The author of the post has never been identified beyond his username, and he deserves a kinder legacy than “the drunk guy.” He wrote a coherent case for not trading, admitted his limits in public, and attached to it the most memorable typo in the history of money. The community did the rest, in about three minutes. It makes a fitting companion to [Bitcoin Pizza Day](/encyclopedia/bitcoin-pizza-day/), the other accidental holiday: one marks the first time someone spent bitcoin on purpose, and the other marks the day someone explained, badly and unforgettably, why he would not.

Evidence: [The History of HODL](https://www.coindesk.com/markets/2019/02/02/the-history-of-hodl); [Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme); [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## A word’s origin is different from an investment case

The original post describes one participant’s response to a volatile market and their own trading limitations. It is evidence for the expression’s origin and intended meaning in that conversation, not evidence that holding an asset produces a particular future return.

When reading later uses, ask whether the writer is defining the slang, describing their own behaviour, or recommending a strategy. Those are different claims. A memorable slogan cannot substitute for the assumptions or evidence needed to evaluate an investment decision.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## Questions

### Is HODL an acronym for “hold on for dear life”?

No. HODL began as a misspelling of “hold” in a December 2013 forum post, and dictionaries record it that way. “Hold on for dear life” is a backronym, a phrase fitted to the letters afterward. It is a fair description of the feeling, but it is not where the word came from.

Evidence: [hodl](https://www.dictionary.com/browse/hodl); [Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme)

### Who wrote the original “I AM HODLING” post?

A BitcoinTalk user called GameKyuubi, on 18 December 2013, in the forum’s Speculation section. The post says the author had been drinking whisky and knew the title was misspelled. Nothing more is established about who the author is, and this site does not speculate.

Evidence: [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

### What was the bitcoin price when HODL was coined?

Falling. By the Coin Metrics series this site uses, bitcoin ended 2012 at about $13.55 and 2013 at about $729.56, and the year’s peak came in early December, a couple of weeks before the post. It ended 2014 at about $320.66. The exact peak date and the drawdown that followed are in our [market cycles dossier](/history/bitcoin-market-cycles-and-power-law/).

Evidence: [Bitcoin Price, Halving and Power-Law Selected Observation Set, v1.1.0](https://degreesofsatoshi.com/assets/history/data/bitcoin-price-halving-model-2010-2025-v1.1.0.json); [Coin Metrics community data repository](https://github.com/coinmetrics-io/data)

### Is hodling a good strategy?

This site does not give investment advice, and the original post was an argument about one person’s limits as a trader, not a forecast. The record shows the price ended 2014 lower than it ended 2013, so anyone who held from the day of the post waited a long time before the decision looked good. Whether it suits you is not a question a forum post, or an encyclopedia, can answer.

Evidence: [Bitcoin Price, Halving and Power-Law Selected Observation Set, v1.1.0](https://degreesofsatoshi.com/assets/history/data/bitcoin-price-halving-model-2010-2025-v1.1.0.json); [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0)

## Claims and scope

### hodl-meaning-quick-answer

HODL is crypto slang for holding rather than selling. The expression began with GameKyuubi’s BitcoinTalk post titled “I AM HODLING” on 18 December 2013. It originated as a misspelling of “holding”; the later phrase “hold on for dear life” is a backronym, not the original expansion. Knowing the word’s history does not establish whether holding a particular asset is a good decision.

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-the-post

The post: “I AM HODLING,” 18 December 2013, BitcoinTalk, user GameKyuubi

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-where

Where: The forum’s Speculation board, under Economics

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-first-echo

First echo: A reply reading only “HODL!” three minutes later, from user elux

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-the-year-s-prices

The year’s prices: Bitcoin ended 2012 at about $13.55 and 2013 at about $729.56

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-dictionary

Dictionary: Dictionary.com: “First recorded in 2013; misspelling of hold”

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

### hodl-meaning-fact-not-an-acronym

Not an acronym: “Hold on for dear life” is a backronym added later

Scope: {"collection":"bitcoin","dataAsOf":null,"blockHeight":null}

## Sources

- [“I AM HODLING” thread](https://bitcointalk.org/index.php?topic=375643.0) — BitcoinTalk forum. The original 18 December 2013 post in the Speculation board, its text about being a bad trader and drinking whisky, and the first replies including elux’s “HODL!” at 10:06. Locator: The original 18 December 2013 post in the Speculation board, its text about being a bad trader and drinking whisky, and the first replies including elux’s “HODL!” at 10:06.. Retrieved: 2026-10-02T14:49:23.551844+00:00.
- [The History of HODL](https://www.coindesk.com/markets/2019/02/02/the-history-of-hodl) — CoinDesk (reporting). Reporting on the origin post and on how “hodling” became one of the most popular cryptocurrency terms, a strategy, and slang applied beyond bitcoin. Locator: Reporting on the origin post and on how “hodling” became one of the most popular cryptocurrency terms, a strategy, and slang applied beyond bitcoin.. Retrieved: 2026-10-02T14:49:26.651409+00:00.
- [Eight Years Since The Meme Was Born, We’re Still HODLing Bitcoin](https://bitcoinmagazine.com/culture/eight-year-anniversary-of-bitcoin-hodl-meme) — Bitcoin Magazine (reporting). Anniversary piece crediting piramida with the “I AM HODLING!” image from the film 300 and stating that HODL is not an acronym for “hold on (for) dear life.” Locator: Anniversary piece crediting piramida with the “I AM HODLING!” image from the film 300 and stating that HODL is not an acronym for “hold on (for) dear life.”. Retrieved: 2026-10-02T14:49:23.735011+00:00.
- [hodl](https://www.dictionary.com/browse/hodl) — Dictionary.com. Defines hodl as a verb meaning to avoid selling cryptocurrency or other assets over a long period, with the origin note “First recorded in 2013; misspelling of hold.” Locator: Defines hodl as a verb meaning to avoid selling cryptocurrency or other assets over a long period, with the origin note “First recorded in 2013; misspelling of hold.”. Retrieved: 2026-10-02T14:49:24.002595+00:00.
- [Bitcoin Price, Halving and Power-Law Selected Observation Set, v1.1.0](https://degreesofsatoshi.com/assets/history/data/bitcoin-price-halving-model-2010-2025-v1.1.0.json) — Degrees of Satoshi. The site’s sourced year-end observations from Coin Metrics: $13.55 at the end of 2012, $729.56 at the end of 2013, and $320.66 at the end of 2014. Locator: The site’s sourced year-end observations from Coin Metrics: $13.55 at the end of 2012, $729.56 at the end of 2013, and $320.66 at the end of 2014.. Retrieved: 2026-10-02T14:49:23.911215+00:00.
- [Coin Metrics community data repository](https://github.com/coinmetrics-io/data) — Coin Metrics, github.com/coinmetrics-io/data. The upstream provider’s daily per-asset CSV files (CC BY-NC 4.0) from which the site’s year-end price observations are drawn. Locator: The upstream provider’s daily per-asset CSV files (CC BY-NC 4.0) from which the site’s year-end price observations are drawn.. Retrieved: 2026-10-02T14:49:31.146848+00:00.

## Revision history

- 2026-09-23: Initial Bitcoin encyclopedia entry at this permanent URL.
- 2026-10-02: Added reusable claims, explicit source locators, and matching Markdown and JSON. This publishing change does not itself establish factual verification.
- 2026-10-02: Added “A word’s origin is different from an investment case”, clarified the search description. Independent verification is recorded separately.

## Cite this entry

Degrees of Satoshi editorial project. “What HODL means: the 2013 typo that became Bitcoin’s favorite word.” Published 2026-09-23; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/hodl-meaning/