This time there were multiple causes. For starters, Bitcoin was on decline for some time already as it failed to break past the $10,000 barrier. This already made Bitcoin's price fragile. Then the stocks crashed and for some reason they took Bitcoin with them (and not only Bitcoin but also gold). There are also reports that the whales were sending coins to exchanges days before the crash, so there might also be a coordinate manipulation. And that chinese ponzi scheme probably contributed too.
And how about the world economy for this corona virus disaster?
Look I am not much into technical analysis, current affairs and stuffs. I am a long term holder and for sure I know that holding my bitcoins is the wise thing I can do. When I get change then I buy to have more in my bag and this is how I am doing with bitcoins.
Yeah, that's exactly the point he is trying to make and I don't know what is so hard to understand..
I've mentioned them early, remember those?
Remember the Cyprus crisis? Everyone was talking about how people are buying bitcoins cause the banks are closed!
Remember all the talk about Venezuela and how people there are buying bitcoin to hedge against the bolivar?
Remember the Iran scare, where supposedly millions of Iranians we're buying
BTC?
Nigeria? Turkey?
Why it's not like that now? Because it was false from the beginning!
In all those cases we didn't really see an effect on the price because the few people that actually did it couldn't move the price a dime.
Now this pandemic hit where it matters, the western world!!! Where there is both money enough to make the price go to the moon and enough
BTC to drop it to 4k.
And what happened? Nothing special,
BTC went the same way as stocks, the same way as everything!
That's his point, the whole scenario
the economy fails BTC will go to the moon was false.I've told people a hundred times if the economy will crumble, if there are job loses, shutdowns, less than 1% of those who invest during good times will buy now. It's natural!!!
Bitcoin's price reflects one thing, the trust people put in its value, and currently, that trust is down -48% percent from what it was 30 days ago.
Is the coin still working as it should, yes it does, apart from a small timeframe where we had a close to~40MB mempool everything is fine!
When it comes to price, the people are the ones deciding it, and it looks like they've decided it's not worth that much.
I'm certain the trend will change once we're done with the virus but one thing was cleared with this.
Bitcoin's price is still to fragile and it's adoption too low to face a worldwide crisis yet. YET! This test came to soon!
Those are just projections and marketing narratives. We need to drop the expectations and just let Bitcoin be. People will either treat it as money -- currency, store of value, unit of account -- or they won't. In time, I believe they will.
Exactly!
That's how free markets should work!
Demand and offer, if the people don't want something, it's their choice, you don't force them to buy or sell at a fixed price.
But sometimes, when things go wrong, the same people that advocate for freedom are starting to lean towards a controlled market.
Because, what matters most in the end, is money, no matter how they look or how they are called.
