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I disagree that the amount involved if true could make bitcoin price to rise.
We need to understand that the price of bitcoin at any point in time do not pander to the factor of demand and supply.
It is more of a speculative market .
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I agree that the scalability of Cryptocurrency is an obstacle to the wide. Adoption rate of bitcoin but that's not the major obstacle as the volatility is one core feature of Cryptocurrency so I do not think that it would ever change so to say.
The price of bitcoin can never be stable like that of fiat as it would defeat the purpose of it's creation .
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I am hopeful about bitcoin because bitcoin is the future.
You may not see it now when you put into consideration the current market conditions.
But know it that bitcoin is the future of Cryptocurrency.
It has huge potentials that if harnessed could be beneficial to the world at large.
It has huge untapped market too.
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You know it was the creation of bitcoin that brought about the era of all other altcoins.
So basically, bitcoin is tge boss of all altcoins .
It is more recognized and popular too.
So the belief that people have in bitcoin is legit, it is justified and that's more reason to tell us that bitcoin will hardly ever die or go into extinction as some believed.
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I agree completely with your assertion that people should not depend wholely on Bitcoin for obvious reasons.
Like me, I have a 9-5 job and I still do bitcoin, but doing it as a part time job .
The thought of leaving my job for bitcoin has never crossed my mind ,so I don't understand why people should leave their jobs because of bitcoin.
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I only get paid in my local fiat in my country.
But in the event the government of the day in it's opinion feels it's best that employers are paid using bitcoin, then measures should be put in place to balance up , in situations where after one gets paid, the price of bitcoin tanks.
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The assertion that Cryptocurrency cannot perform tge function of money in the real sense of it because of its high volatility is correct.People take Cryptocurrency as an asset I of money.
So they use it as a store of value.
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But who says that bitcoin is dead or is dieing and so needs saving?
Bitcoin is not dieing a!d cannot die..not now , not ever.
Bitcoin has come to stay and I do not think it needs saving from other Cryptocurrencies.
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I am glad that the market downward that started in 2018 seems to be indirectly regulating the Cryptocurrency space.
Believe me, any ico coming this year must be one that has various usecases unlike before 2018 when everyone was launching ico Bec the boom being witnessed then.
Now all those shitty coins and projects are going into extinction .
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I did that last year and I must say that the experience is not a palatable one.
I introduced blockchain to some of my friends and siblings.
They invested heavily based on my call.
But the market condition has made a mess of my good intentions.
They do not even want to speak with me again because of the money they lost.
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You are actually right in your submission.
I joined crypto second quarter of 2018 and I can say the worst mistake I made was believing that buying the dip is a strategy for making good progress in the cryptocurrency space.
I lost my capital in that singular action.
I still regret that till now .
I bought the coin at $1 because I heard it's the dip.
After some time, I noticed that the price is $0.002.
It's so frustrating.
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It's true that the demand and supply factor has a way of determining the price of a commodity to a large extent.
But in the case of bitcoin, I think reverse is the case as the supply or demand of bitcoin has less power to determine it's price per time.
I have come to realize that in most cases when the price of bitcoin tanks, it could be due to fomo, people spreading unfounded rumours and fake news.
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I think I like the strategy even though it has never occurred to me as plan b.
In my own case, it was not bitcoin that I sold actually.
I sold some of my altcoins and then bought gold with the proceeds.
The market conditions of last year pushed me into doing that .
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Everyone is entitled to his or her opinion as far as Cryptocurrency is concerned.
If I had listened to the advise of a friend who asked me not to join Cryptocurrency last year , I wouldn't have made the little money I made from trading.
Believe me I have so much confidence in bitcoin that if I had more money ,I will have no choice other than to invest massively in bitcoin.
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When I was New into crpto I used to get all worked up and restless each time I read this type of article and then start packing up .
I believe so many people are still like me now.
According to the article it says that use would crash before bitcoin.
The thing is I hardly believe 100% the prediction again because the volatility nature of Cryptocurrency has a way of making mess of the hard work of analysts.
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Earlier before 2018 I learnt that making it big through bounty campaigns depends to a large extent on how hard working you are but the reverse is the case these days
You can work very hard on a particular bounty only for it to turn scam or the project developers decides to cut the bounty allocation etc.
These what you need first is grace/luck to locate good bounties and then give it your best.
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I don't know for other, personally, the current market situation is actually an opportunity to make some money but sadly, some see it as bad omen for cryptocurrency.
Ever since the market downward trend, I have been buying good altcoins that are relatively affordable now.
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I can say catergorically that those that are busy selling off their holdings at a loss are actually those who never believed in the potentials of cryptocurrency and so any slight market downward trend gets them confused and scared , so they resort to selling even if it's at a miserable rate compared to how much they had bought.
Some selling because they have one challenge or another that needs urgent financial attention.
I think the way forward if for people to believe and have confidence in cryptocurrency.
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