Is "HODL Faith" a social phenomenon akin to religion?

This is an excellent question, and it's often joked about within the community. In my opinion, it's not a true religion, but many of its behaviors and manifestations are so strikingly similar to religious practices that people get this impression.

Let me break it down for you, and you'll understand.

First, we need to understand what "HODL" means. The term originated when a foreigner, intoxicated, posted on a forum intending to type "HOLD" (to hold), but accidentally mistyped it as "HODL." His intention at the time was to express his unwavering belief in Bitcoin's future, regardless of market volatility, and his refusal to sell. The term later gained popularity and became a backronym for "Hold On for Dear Life."

Therefore, "HODL faith" refers to the firm belief that cryptocurrencies (especially Bitcoin) are the future trend, leading individuals to hold them long-term and never sell easily, no matter how significant the price fluctuations.

Now, let's look at why it resembles a religion:

1. It has "gods" and "prophets": The founder of Bitcoin, "Satoshi Nakamoto," remains unknown to this day, shrouded in mystery. He is like the "creator god" of this world, leaving behind the "genesis block" and the "whitepaper" before disappearing. Everyone studies his words and tries to decipher his thoughts. Figures like Vitalik Buterin, the founder of Ethereum, are also regarded by many as prophets guiding the direction.

2. It has "sacred texts": Satoshi Nakamoto's "Bitcoin Whitepaper," published in 2008, serves as the "bible" for this community. Many study it word for word, treating it as the highest guiding principle. Concepts like "decentralization" and "peer-to-peer electronic cash system" discussed within it are their core doctrines.

3. It has firm "faith": HODLers don't believe in an ethereal deity, but in "code" and "mathematics." They firmly believe that Bitcoin, based on mathematics and cryptography, is fairer and more reliable than traditional currencies controlled by governments and banks. This conviction, which allows them to persevere even when facing market crashes and 90% asset depreciation, is certainly not simple "investment"; it's supported by a powerful belief.

4. It has "rituals" and "jargon": "HODL" itself is a ritual. Whenever the market crashes, people in the community encourage each other, shouting "HODL!" "Buy the Dip" is also a common ritualistic behavior. The community also has a lot of jargon outsiders don't understand, such as "Diamond Hands" (referring to those with strong willpower who refuse to sell), "Paper Hands" (referring to cowards who sell at the slightest dip), and "FUD" (referring to those who spread fear, uncertainty, and doubt). This is similar to the specific terminology within a religion, which distinguishes "us" from "them."

5. It has "proselytizing" and "community": If you have a staunch HODLer friend, they will likely tirelessly "preach" to you, explaining the benefits of Bitcoin and encouraging you to buy some – this is called "empowering friends." They have vast communities on platforms like Twitter, Reddit, and Discord, where people share information, reinforce their beliefs, and present a united front (for example, collectively mocking traditional finance bigwigs who are bearish on Bitcoin).

6. It has "heretics" and "enemies": Those who give up halfway and sell their coins during a downturn are labeled "traitors" or "paper hands" and are scorned. Economists and government officials who publicly disparage Bitcoin are seen as "enemies" or "infidels" spreading FUD.

However, it also has fundamental differences from a true religion:

• Different core purpose: Religion seeks spiritual comfort, salvation of the soul, and happiness in the afterlife. The core of "HODL faith," frankly speaking, ultimately aims for real-world economic returns, i.e., "making money," and a hopeful vision for how new technology can change society. Its destination is "financial freedom," not "heaven."
• No supernatural powers: It does not involve deities, magic, or anything supernatural. Its foundation is code, mathematics, and economic theory; everything is open, transparent, and verifiable.
• No unified organization: Religions typically have a hierarchical organizational structure with churches, temples, clergy, and so on. The crypto world, however, is decentralized; there are no popes or bishops, and everyone is an equal participant.

In summary:

So, you can understand it this way: "HODL faith" borrows the outward appearance and many behavioral patterns of religion to build a strong community consensus, helping people persevere when facing immense uncertainty and market volatility.

Rather than being a religion, it's more like a combination of a "fanatical fan club" and a "high-risk investment club." It possesses religious-like fervor, belief, and community cohesion, but its core pursuit is very real wealth and technological change. This phenomenon is indeed very unique, and it's one of the reasons why the crypto world is so captivating.