How come BTC is still so cheap?

[Stedsm]

So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

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[Lanatsa]

So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

Not literally for sure because he do basically talks about future possible price which it is somewhat true that current price is still cheap and also we wont need to buy a whole coin just for you to make
investment which we can still purchase on fractions which most people do.

Only the rich fellas could able to afford whole coin to invest on but for typical or average then It would really be hard.

Cheap in the sense that it has a bright future and possible ATH's in upcoming years but not all would really be that financially capabled.

[Oasisman]

~snip~

If you are new in the world of Cryptocurrency you cannot consider the current price cheap and if you just found out what's it's price 6 or seven years ago people find the price of Bitcoin high, so they look for other coins or altcoins that are cheap and has a huge potential to be the next Bitcoin, investors are still buying Bitcoin but they are more on altcoins right now.

The OP is very optimistic on what currently Bitcoin has that's supposed to pump the price. He have El Salvador as the prime example and he's expecting the price to plummet after the announcement, but there's actually no market reaction, thus he ends up posting this one out of frustration.
Literally, no one is considering the Btc price as "cheap". But as to the OP's POV the current price is too low for such big news that came out yet no market reaction has happened.

[STT]

It could be argued we are cheaper then normal or constricted in our price range at least because we remain under the 50 day average and like a year ago the price finds this as resistance.    The blue line in that graph is quite pivotal is how I view it, not everyone likes graphs but looking at these every day I recognize that movement or pattern as quite significant so I draw a conclusion we can also assign significance similarly now.
  50 day was the bottom pricing for most of the 2021 higher prices, now its fallen so much it forms the ceiling to current action.   If we beat it then we have a price that is going to be less cheap then now, the other half to that argument is there is no certainty that we will beat this week, month but eventually like every average we become fully aligned.   For now we go sideways, some speculate we get cheaper and others like this thread ask why its cheap but it has to beat 50 day inertia in the price to answer either question properly.

[coin-investor]

I am also sure that there are still many citizens of El Salvador who have not received education about Bitcoin.

I read that El Salvador is now accepting Bitcoin as a legal currency, I'm sure that it's people will be aware of Cryptocurrency now in that country and they will ask the government to allocate funds for education and additional resources on how to add Bitcoin in their daily activity, the world and the Cryptocurrency is watching on how they are going to do this and they will be a model for other countries who wish to follow their lead.

[taufik123]

I read that El Salvador is now accepting Bitcoin as a legal currency, I'm sure that it's people will be aware of Cryptocurrency now in that country and they will ask the government to allocate funds for education and additional resources on how to add Bitcoin in their daily activity, the world and the Cryptocurrency is watching on how they are going to do this and they will be a model for other countries who wish to follow their lead.

El Salvador accepts bitcoin as a legal payment and will take effect on September 7, 2021, so it's not legalized for now, but the people of El Salvador have started using bitcoin and learning what bitcoin is. El Salvador became the first country in the world to adopt bitcoin as a legal tender. El Salvador will be an example of a country that actually legalizes bitcoin and not just as a commodity asset.

[Abiky]

So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

Come to think of it, Bitcoin is much cheaper today than it was yesterday. The price of a Bitcoin doesn't matter since it's all about usability. Always remember that 1 Bitcoin equals to 1 Bitcoin. Things would've been a lot different if people used Bitcoin as a unit of account (instead of Fiat). That way, you could buy things with a fixed price in BTC than worrying about the Fiat value of the coin in question.

Unfortunately, everything moves around Fiat these days. A dump in Bitcoin's price, will certainly make many investors worried. Some people say Bitcoin is "cheap" because they believe it should be worth a lot more than what it is right now. If we base ourselves on experts' predictions, then Bitcoin is "cheap" right now as it'll be worth more than $100k in the future. The current bear market has made Bitcoin a lot cheaper than it was before, so this could be the perfect opportunity to buy more coins and sell them once prices bounce back up to their original levels. With or without a high price, Bitcoin will last a lifetime thanks to its decentralized and censorship-resistant design. Just my thoughts

[mrjoy15]

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

[DU18]

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

So far the decline in bitcoin prices has always rebounded when it almost reached $30K and I personally think the price of $30K is the strongest wall for the current bitcoin price so it doesn't fall too deep, but unfortunately today the $30K price wall has broken and even the bitcoin price is now at at a price of $29K and it looks like the current price decline will continue until the bitcoin price has really hit its lowest price, now I will wait for the bitcoin price to reach $25K and then buy it .

[uneng]

Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

[Oilacris]

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

If you are someone  who had been on this market for a while now then you wouldnt really lost interest but since observing a market which is moving sideways is really a bit tiring.

When you do see some declines or gradual decrease then you would really be having an impression that it might becomes worst and majority do really freak out that this is already the end

but for those who had been here for a while will really be seeing this as an opportunity instead.Cheap in talks of potential price in the future but talking into its price literally on point
then this isnt something which is affordable on most of everyone.

[pinggoki]

I agree with some of the people here stating that whether something is cheap or expensive is a bit subjective, since not many people will be able to afford $30k for an asset that is very volatile to begin with. Then again, I think what OP is telling or at least imposing is the fact that it is still comparatively low-priced when El Salvador had already went in balls-deep into bitcoin, with the possibility of more countries joining in the wave in the future and yet we still haven't broke over the $30k price barrier for quite a while now. That is indeed a bit concerning.

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

The thing with bear markets is that they make or break an asset quite literally. Some assets fall down without hope for recovery because it got caught in the bear market tide, which is something we do not want to happen to bitcoin. So the fear among people I say is a bit justified, so long as it doesn't involuntarily cause FUD to spread around the community.

[ultrloa]

Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

Nope china issues will be forgotten if many crypto user will forget to mention about them and there's of chances for bitcoin to pump up since many country are till supporting bitcoin.  Maybe for now china is one of the biggest player but if many will notice the adoption of other country for sure  people will still realize that we can survive without the support of China.

For now good thing we are still at current level and might we cannot see more dip in future.

[uneng]

Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

Nope china issues will be forgotten if many crypto user will forget to mention about them and there's of chances for bitcoin to pump up since many country are till supporting bitcoin.  Maybe for now china is one of the biggest player but if many will notice the adoption of other country for sure  people will still realize that we can survive without the support of China.

For now good thing we are still at current level and might we cannot see more dip in future.

I think that isn't something you can forget, because a real situation that influence bitcoin directly actually happened, that is the ban China imposed over mining businesses.
Most mining power was concentrated in China, so it's a big problem. It isn't like the usual lies or a half truths media creates to defamate bitcoin, so this issue must be addressed, solved faster as possible to repair the confidence among investors in bitcoin investment and give the market a solid argument for a new increasement in price towards a new ATH.

[Tina H]

I understand what OP means. I think that although El Salvador has become the first country to use Bitcoin as a currency, El Salvador is a small country after all. It has a certain positive impact on Bitcoin, but due to China's policy of banning mining and suppressing cryptocurrency, the negative impact on the market is even greater. China has pushed the price of Bitcoin to fall.

[Nora Olin]

Bitcoin has experienced a decade of growth. Compared with ten years ago, the value of Bitcoin is obvious, and the future will be brighter. To be honest, if it hadn't been the first in El Salvador to adopt Bitcoin as a currency, I would never know this country. This country is too backward, and more countries will join in the future. Bitcoin has huge potential, let us wait and see.

[Abiky]

I agree with some of the people here stating that whether something is cheap or expensive is a bit subjective, since not many people will be able to afford $30k for an asset that is very volatile to begin with. Then again, I think what OP is telling or at least imposing is the fact that it is still comparatively low-priced when El Salvador had already went in balls-deep into bitcoin, with the possibility of more countries joining in the wave in the future and yet we still haven't broke over the $30k price barrier for quite a while now. That is indeed a bit concerning.

Yes. Bitcoin should've been worth more than $30k right now due to El Salvador's recent move of adopting it as legal tender. This should've increased demand for the cryptocurrency on the market. But for some reason, it's been struggling to reach a new ATH. Not even the recent announcement of Elon Musk and Jack Dorsey working together had a positive impact over Bitcoin's price. The bears are strong right now, so I'd say Bitcoin is still cheap compared to what's coming after the next halving. I'm pretty sure Bitcoin will go upwards of $100k per coin in the near future. We just have to keep buying and "hodling" until the right time comes to sell for profit. What matters is Bitcoin's usability instead of price per coin. As long as Bitcoin is useful, nothing else matters. Just my opinion