There are two types of
price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.
In his paper, Bitcoin:
A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
For me, Bitcoin's price works hand-in-hand with its purpose. Back in the old days, when bitcoin is still worth less than a dime not a lot of people are aware of its purpose, much more of its existence. But as it rose to power and price, more and more people are seeing its benefit in the financial and the security aspects. I do not think one is more important than the other, because without purpose, people wouldn't be so confident to invest on it and entrust their future to it, without price, no one would bat an eye to bitcoin and it would just be kicked into the curb like most ventures without enough financial backing.