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A bag holder is a person or company that loses out in a scam. Typically they have bought stocks (or crypto or some other instrument) when it was right at the top of the hype curve and as people begin to lose interest, the value drops, leaving the bagholder with worthless assets that they paid a lot of money for.
There are plenty of examples of high-profile bag holders and I use this tag to link to them.
See the wikipedia definition for bagholder here
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