If bitcoin is made for times like these why is everyone selling at a time like..

[Subbir]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

In crisis situations people behave irrationally, there is the fear of no liquidity, banks closed so people probably try to have as much liquidity as possible to be able to buy essential good for living.

I accept as true with you within the current situation that folks are being harmed in some ways there's no source of labor due to the closure of everything. therein case they need to be been selling bitcoin for a short time keep with their lives. No way it's taking such measures to beat this crisis

[Psynthax]

Believe it or not people still consider bitcoin and the like as instrument of investment which purpose is only to make profit and not as a currency. It's basically the same as stock, you cash out when you need it not to mention the volatility also increase the urge to sell off for most of people. Overall, people are still afraid that crypto might not worth to hold in time of crisis or they are really in need of money.

[Cratoon]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

[Janation]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

Then it is not the time, right?

Besides the fact that the pandemic is there, Bitcoin is not that currency that would be accepted that quickly. From being decentralized and being volatile, the government might disagree with it. People are not just using fiat since it is the fastest way to buy for their essentials but also because some of those people are not aware of the existence of Bitcoin and cryptocurrencies.

[Cratoon]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS.  
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

Then it is not the time, right?

Besides the fact that the pandemic is there, Bitcoin is not that currency that would be accepted that quickly. From being decentralized and being volatile, the government might disagree with it. People are not just using fiat since it is the fastest way to buy for their essentials but also because some of those people are not aware of the existence of Bitcoin and cryptocurrencies.

I believe now is a good time to buy BTC, XRP, ETH. These all must grow in these conditions, BTC is still relevant and seen as a crypto to hold money in long time. XRP can be used for instant daily transactions

[Japinat]

Believe it or not people still consider bitcoin and the like as instrument of investment which purpose is only to make profit and not as a currency.

Big slice of the pie are from investors, that's why the price is very volatile because they are good in moving the market, through manipulation.

It's basically the same as stock, you cash out when you need it not to mention the volatility also increase the urge to sell off for most of people. Overall, people are still afraid that crypto might not worth to hold in time of crisis or they are really in need of money.

I don't do that way, when I invest, I made sure that my allocation for personal and for emergency purpose will not be risk.
That way, I can play with the market regardless of the situation, I cash out when I am in profit, not when I need it.

[Wenbing]

Correlation , enough said.
My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.
Unless said items where merely marketed as a fail safe without acutally being a fail safe.

Well, this is what I think.
I feel the period of economic crisis people need to be more liquid or need funds in order to maximise other investment opportunity.

That being said, not holding on to your bitcoin in time of downtown shows that there is fear in the market if bit coin will reduce drastically in value.

[jostorres]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

This is a pandemic and to be sincere, I don't think that Bitcoin is made for a time like this. If you do have enough money, there is nothing wrong with investing money in Bitcoin at this time. But for now, a lot of people are worried about food and how to survive, so nobody is really interested in investing their money in stocks or any form of assets, not even Bitcoin.

There is a lockdown everywhere and many people have lost their jobs due to the lockdown, now they are trying to manage their life with the money they have been able to gather in the past months and years they have worked. And there are those that don't even have money left at all. I wouldn't be surprised if Bitcoin should fall, because it's driven by demand and supply and it is volatile. That doesn't mean we should quit.

[Averim]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Unfortunately many people just try to make a bigger income with crypto so they don't understand how crypto works and the value of it in long term.

[Sadlife]

Bitcoin is correlated to the stocks that's why it had a major dump all the way to $3000 level. This mean that many Institutional investors and stock are actually holding Bitcoin and the reason they had to sell was because they had a major loss to their other portfolio's. So they had to sell they other investments to cover those losses or debts. But eventually if these traditional investors losses confidence in Bitcoin then it will decouple to stock.

[Abiky]

There are many reasons that people are selling their btc for fiat is because there are businesses that are not yet accepting cryptocurrency as a means of payment. This is the case in my country though, but I think that the mobile applications that are used for transactions is making a name for themselves because they can help in making transactions cashless albeit the currency used is fiat and not cryptocurrency. You might be disappointed that people are selling their crypto but these are tough times and people are not like you who have the patience to hold, it might be their last resort or not. Atleast understand how people live their lives.

Exactly. Bitcoin is still behind Fiat when it comes to merchant acceptance. Nearly every store around the world accepts Fiat, but not Bitcoin. This is probably because the pioneer cryptocurrency is volatile in price. As long as prices are unstable, Bitcoin cannot be used as a currency like Fiat. Aside from making Bitcoin faster and cheaper to use, we should focus on making governments regulate the market to provide better price stability. With greater liquidity and mainstream adoption, it's possible that Bitcoin will be used for daily payments instead of Fiat.

Until then, people will continue to use Fiat in times of need (like the ones we're facing right now). Even with social distancing, it's still possible to conduct transactions with Fiat using a credit/debit card or a payment processor like PayPal. As long as people trust Fiat, Bitcoin will be used by a very small margin. Now that governments around the world have started to print more money than usual, inflation will rise like never before. We'll reach a point where people will no longer trust central banks and Fiat currency itself, leading towards increased demand for Bitcoin and other cryptocurrencies on the market.

Nonetheless, the smart money will "hodl" Bitcoin no matter what. The halving is about to happen soon, resulting in higher prices per coin in the long term. We may not be able to avoid "sell pressure" across the market as a result of the COVID-19 pandemic. But as long as loyal supporters of the cryptocurrency buy and "hodl" their coins, nothing should go wrong. Besides, Bitcoin continues to grow in development and innovation behind the scenes. Before you know it, scalability and privacy issues will be a thing of the past on the BTC blockchain. This, alongside reduced coin issuance, should lead towards a very bright future for Bitcoin. Just my opinion

[Janation]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS.  
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

Then it is not the time, right?

Besides the fact that the pandemic is there, Bitcoin is not that currency that would be accepted that quickly. From being decentralized and being volatile, the government might disagree with it. People are not just using fiat since it is the fastest way to buy for their essentials but also because some of those people are not aware of the existence of Bitcoin and cryptocurrencies.

I believe now is a good time to buy BTC, XRP, ETH. These all must grow in these conditions, BTC is still relevant and seen as a crypto to hold money in long time. XRP can be used for instant daily transactions

We are talking about Bitcoin being used.

We are not talking about Bitcoin being not relevant as an investment, we are talking about the use of it in this pandemic. Bitcoin's price is obviously relevant as it is not directly affected by the pandemic.

[coinfinger]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

People are selling and it’s their choice. Some of them don’t even have patience, while some are selling because they are in need of money. You shouldn’t let the decision that others have made to influence your own decision you’re about to make , they might end up misleading you into doing what’s wrong. And I bet that some of them who sold their coins when the market dropped to below $4,000 will be regretting what they did.

They would wish that they never got to sell their coins and just left it till now. The market still bounced back to the higher price despite everything that is happening. This is not where it ends, there is still going to be more. The halving is already and we don’t know what it’s got in store for us.

[MCobian]

In my opinion not everyone sells the bitcoin they have. Only a few people sell it, probably because they have to. They sell it because
some people have been laid off, so to buy their daily needs they are forced to sell bitcoin. But some of them still hold bitcoin. So no
need to worry, in the end the price of bitcoin will rise. Then bitcoin is not used as a payment, whereas digital currency is very well used
in pandemic corona. Because not all country legalize bitcoin.

[roberthays]

Agreed!

Sometimes people forget the real notion behind Bitcoin and use it as more of a speculative asset instead.

[abhiseshakana]

Because traders and speculators not believed in this in than days. They just want money and liquidity, not usability

In the past, the bitcoin market did not have a correlation to economic weakness and government policies because the determination of the price of bitcoin and other crypto-assets was only affected by supply and demand but the corona pandemic had an indirect effect on bitcoin and other crypto-assets. That is because of the selling action of a group of people who need cash to shop and save their businesses in the real sector due to the impact of the corona pandemic.

Increased attention of institutional and conventional investors in cryptocurrency has increased sentiment correlation with conventional assets. The few days that bitcoins are safe haven and have a high level of resilience to global sentiment seems to be diminishing.

The decline in the price of bitcoin is detrimental to many investors but the momentum is also used by many people to start investing in bitcoin (because the price is going down) so that it encourages large demand.

[Abiky]

People are selling and it’s their choice. Some of them don’t even have patience, while some are selling because they are in need of money. You shouldn’t let the decision that others have made to influence your own decision you’re about to make , they might end up misleading you into doing what’s wrong. And I bet that some of them who sold their coins when the market dropped to below $4,000 will be regretting what they did.

They would wish that they never got to sell their coins and just left it till now. The market still bounced back to the higher price despite everything that is happening. This is not where it ends, there is still going to be more. The halving is already and we don’t know what it’s got in store for us.

It's normal for prices to go all the way down the drain after a pandemic takes place in the mainstream world. This is largely attributed to fear more than anything else. It's the first time Bitcoin experiences a worldwide crisis, so we can't say for certainty that it has "failed" as a safe-haven asset. Surprisingly, Bitcoin bounced from $3k to $7.5K in just a month after the market depression. Stocks are still lower in price than they were before the COVID-19 pandemic, so this shows Bitcoin's resiliency within the mainstream world.

People will continue to sell crypto in exchange for cash as they need something that's widely accepted worldwide. The number of merchants, and businesses accepting Fiat are a lot more than those accepting Bitcoin as payment method. I know that the volatility issue is there, but anyone can simply use stablecoins to have the "best of both worlds". Bitcoin needs more time to mature in order to be recognized as a serious safe-haven asset in times of need. Weak hands will continue to sell Bitcoin if prices go down the drain. But the smart money will always buy and "hodl" Bitcoin no matter what. The decision lies on the person himself. We cannot force everyone to buy and "hodl" Bitcoin as people have the right to choose one currency from another. With the halving just a few weeks away, it's likely that Bitcoin prices will rise further across the market in the long term. Just my thoughts

[roll on]

Different people have different way of thinking and perception towards the situation we are currently facing which is the pandemic Coronavirus and every people do also have their own way of deciding how they will use their cryptocurrencies especially Bitcoin at times like this. We cannot blame other people for selling their Bitcoins or other cryptocurrencies at time like this because we are not in their position to say that they must not do sell their assets since it was really intended to be used at times like this. Maybe they have also think of it many times before getting into a decision. It is their own choice and maybe their calling to sell their cryptocurrencies to sustain their necessities since there is no work because of the lockdown being implemented to stop the spread of the virus.

[cafetools]

The reason why people sold was because there are many traders out there who can profit if they sell at 10k and buy back in at 4k. Thats are profit of .6 Bitcoin

[shield132]

The answer on this question are bitcoin's users. There is knife and it's sold with purpose to slice bread, meat and etc, it's made for times like that but some people misuse it. Maybe it's not 100% clear example but everything depends on type of user. Bitcoin was good back in 2011-2016, after that bitcoin is abused by a lot of people and it's commercialized, example of this is how mining turn into big business and how exchanges require KYC documents as time goes.
Bitcoin's price is determined by it's users and people decide how to treat it, the more positive decisions will have the effect you are looking for.