Bagholders do not sell their assets — even if its price drops to zero. There are several potential reasons for this. The most simple is that the investor believes the potential long-term gain will outweigh any immediate losses. Alternatively, they may be laboring under the sunk cost fallacy. Bagholders are also sometimes affected by the “disposition effect.” This refers to the practice of refusing to sell poorly performing assets, but realizing gains in other assets very quickly.Perhaps most commonly though, bagholders may simply be too time poor (or lack the interest or enthusiasm) to keep up with the performance of the assets they hold. This is likely to have become much more common as cryptocurrencies went increasingly mainstream.

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