BTC to $500, are you still buying?

[ancafe]

Sure, there were still people buying bitcoin at that time but they probably bought it with a gambling mentality rather than because they were investing in it and had strong faith in it. Because going from $1 to $500 is completely different than bitcoin going from $120k to $500. 2 completely opposite trends, one extremely bullish and one extremely bearish as bitcoin lost more than 99% of its value.

But as many have said, this is not going to happen. I also do not believe that a potential asset like Bitcoin can lose 99% of its value like that. This is just an assumption, nothing more.

There's no need to worry about people buying Bitcoin at the price levels mentioned, as this is an investment. It's similar to people buying collectibles that have fantastic value and sometimes don't make sense, but because they understand that investing in this sector is quite profitable, many wealthy people also buy it. Bitcoin is a pretty good asset because of its advantages as a hedge, so more and more people will turn to investing in it.

Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.

[icebar]

Pls don't misunderstand, just an assumption: if Bitcoin were to reach $500 again today, do you think people would still be willing to buy?

In my opinion, it would have two implications. Firstly, it would likely have ruined many people's investments and life savings, considering those who bought in at $10k, $20k, or even $100k.
Secondly, it would reinforce the skepticism of those who don't trust digital currencies due to their perceived unreliability. So, if it happens, would you still buy it?

If that happens im going to buy a lot, but since its just a dream since , there is no way we are going to see that price, and as other said lots of people will buy, since they know what can happen a few bitcoin in that price is enough and keep it, sometimes you need to gamble on something, since we never know what could happen next, only people know the real value will not think twice.

From the current situation, $500 will only happen when most people lose confidence in Bitcoin. When people no longer find any potential in Bitcoin. If Bitcoin is dead, then we may see the price so low. These fantasies are definitely unrealistic. Currently, countries are trying to preserve Bitcoin by considering Bitcoin as digital gold. Some countries have also completed the initial stages of creating a reserve currency. When people are accepting Bitcoin as an alternative to gold, then considering the price of Bitcoin at $500 is not consistent with reality.

[Wakate]

If that happens im going to buy a lot, but since its just a dream since , there is no way we are going to see that price, and as other said lots of people will buy, since they know what can happen a few bitcoin in that price is enough and keep it, sometimes you need to gamble on something, since we never know what could happen next, only people know the real value will not think twice.

From the current situation, $500 will only happen when most people lose confidence in Bitcoin. When people no longer find any potential in Bitcoin. If Bitcoin is dead, then we may see the price so low. These fantasies are definitely unrealistic. Currently, countries are trying to preserve Bitcoin by considering Bitcoin as digital gold. Some countries have also completed the initial stages of creating a reserve currency. When people are accepting Bitcoin as an alternative to gold, then considering the price of Bitcoin at $500 is not consistent with reality.

I am very surprised about the way some people think like the market can follow their ignorant mindset about Bitcoin. Bitcoin has nothing to do with price at $500 looking at how far the price has gone. Bitcoin is already at $117k and if the price can go as low as $500 then that means the market will crash and many altcoins will not be in existence.
Even though the market is being manipulated to the core, it will be very hard for the price of Bitcoin to go down below $20k and not $500 based on the matter of discussion. If anything happens to the price of Bitcoin, the price of cryptocurrency will crash especially many of the altcoins we are seeing in the market.

[MeGold666]

Bitcoin at that price would die due to low security and constant attacks - every script kiddie could target it with a medium-sized botnet.

99.999% of miners would abandon it completely, aside from a few hobbyists, because no one mines without profit.

So why would anyone buy it? I'm sure there would still be people willing to buy, but it would be like purchasing a dead scam coin that pulled a rug pull ten years ago.

...If anything happens to the price of Bitcoin, the price of cryptocurrency will crash especially many of the altcoins we are seeing in the market.

Monero would take over as the only cryptocurrency not used purely for speculation, but for real-world purchases. This event is referred to as "the flippening."

/Over&Out.

[Ricardo11]

Sure, there were still people buying bitcoin at that time but they probably bought it with a gambling mentality rather than because they were investing in it and had strong faith in it. Because going from $1 to $500 is completely different than bitcoin going from $120k to $500. 2 completely opposite trends, one extremely bullish and one extremely bearish as bitcoin lost more than 99% of its value.

But as many have said, this is not going to happen. I also do not believe that a potential asset like Bitcoin can lose 99% of its value like that. This is just an assumption, nothing more.

There's no need to worry about people buying Bitcoin at the price levels mentioned, as this is an investment. It's similar to people buying collectibles that have fantastic value and sometimes don't make sense, but because they understand that investing in this sector is quite profitable, many wealthy people also buy it. Bitcoin is a pretty good asset because of its advantages as a hedge, so more and more people will turn to investing in it.

Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.

If the future prospects of Bitcoin were bad, then companies would never have deposited such a huge amount of Bitcoin, they have done deep research and they believe in the potential of Bitcoin, that is why they are so confident in depositing Bitcoin, companies have no thought of selling any Bitcoin, their only thought is to deposit, and they are continuously buying Bitcoin, look at the countries, over time many countries are reserving Bitcoin, overall the acceptance of Bitcoin is only increasing constantly, so its future is very bright, because the supply of Bitcoin is limited, so if you think about the future prospects, the current position of Bitcoin is definitely very small, so deposit as much Bitcoin as possible, don't think about delaying, invest now and start holding from now.

[Abiky]

Bitcoin at that price would die due to low security and constant attacks - every script kiddie could target it with a medium-sized botnet.

99.999% of miners would abandon it completely, aside from a few hobbyists, because no one mines without profit.

So why would anyone buy it? I'm sure there would still be people willing to buy, but it would be like purchasing a dead scam coin that pulled a rug pull ten years ago.

You think? What if Bitcoin is merged-mined with other cryptocurrencies? Just like how Litecoin is merged-mined with Dogecoin these days. That will ensure BTC remains resilient against external attacks.

Developers also have the choice of making Bitcoin a hybrid PoW + PoS cryptocurrency to protect the Blockchain against sudden drops in network hashrate. Peercoin and Decred are good examples of this. Considering that the USD is losing value, don't expect BTC to go back towards $500 anytime soon. It's already too late for that.

[fuguebtc]

I am very surprised about the way some people think like the market can follow their ignorant mindset about Bitcoin. Bitcoin has nothing to do with price at $500 looking at how far the price has gone. Bitcoin is already at $117k and if the price can go as low as $500 then that means the market will crash and many altcoins will not be in existence.
Even though the market is being manipulated to the core, it will be very hard for the price of Bitcoin to go down below $20k and not $500 based on the matter of discussion. If anything happens to the price of Bitcoin, the price of cryptocurrency will crash especially many of the altcoins we are seeing in the market.

This is just an assumption, OP said this from the beginning and as you can see, everyone believes and agrees that it will never happen. So you don’t need to get too serious and assume they’re ignorant just because they’re engaging in a hypothetical discussion.

If the future prospects of Bitcoin were bad, then companies would never have deposited such a huge amount of Bitcoin, they have done deep research and they believe in the potential of Bitcoin, that is why they are so confident in depositing Bitcoin, companies have no thought of selling any Bitcoin, their only thought is to deposit, and they are continuously buying Bitcoin, look at the countries, over time many countries are reserving Bitcoin, overall the acceptance of Bitcoin is only increasing constantly, so its future is very bright, because the supply of Bitcoin is limited, so if you think about the future prospects, the current position of Bitcoin is definitely very small, so deposit as much Bitcoin as possible, don't think about delaying, invest now and start holding from now.

Of course, institutions and companies wouldn't naively pour billions of dollars into bitcoin without any in-depth research, and their investment in bitcoin also makes it safer. But I disagree when you say that companies have no intention of selling any bitcoin because so far, no company has stated or committed to that. They are just like us, all for profit, there is no difference between us and them. Sooner or later, when they reach their goals and make enough profit, they will also sell their bitcoins. Don't be naive to think they will hold bitcoin forever.

[ancafe]

If the future prospects of Bitcoin were bad, then companies would never have deposited such a huge amount of Bitcoin, they have done deep research and they believe in the potential of Bitcoin, that is why they are so confident in depositing Bitcoin, companies have no thought of selling any Bitcoin, their only thought is to deposit, and they are continuously buying Bitcoin, look at the countries, over time many countries are reserving Bitcoin, overall the acceptance of Bitcoin is only increasing constantly, so its future is very bright, because the supply of Bitcoin is limited, so if you think about the future prospects, the current position of Bitcoin is definitely very small, so deposit as much Bitcoin as possible, don't think about delaying, invest now and start holding from now.

No need to look in the future because now there are many countries that begin to consider Bitcoin as a reserve so that we can conclude how views on Bitcoin today. But what makes Bitcoin become one of the best assets at this time is not only on limited supply but there is another side that can encourage this asset to be better than all the coins possessed in the Crypto room today. Bitcoin growth also increases in terms of adoption so that there is greater trust in Bitcoin's journey so that many institutions and groups will see opportunities in Bitcoin.

I believe in the future of Bitcoin because overall we can see the cycle from the beginning of its appearance until now and many things have been passed. Bitcoin will be the best asset in the future because people see more value at the hedge stage so as to make new steps in the investment system that has ever existed.

[Hanadawa]

Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.

First of all, I would still buy Bitcoin even if the price dropped 99% to $500. But, as many members here have said, a 99% Bitcoin drop is nearly impossible. A Bitcoin crash would mean the collapse of the entire cryptocurrency and blockchain ecosystem. Bitcoin currently has very strong fundamentals, with many government institutions and influencers starting to promote it. I believe there are still many people who are unfamiliar with Bitcoin. And as more people try to invest in Bitcoin, its value will continue to rise in the future.

[nemesis_incarnate]

Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.

First of all I would still buy Bitcoin even if the price dropped 99% to $500.

It wouldn't drop to such levels anyways, imo

[Danica22]

Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.

First of all, I would still buy Bitcoin even if the price dropped 99% to $500. But, as many members here have said, a 99% Bitcoin drop is nearly impossible. A Bitcoin crash would mean the collapse of the entire cryptocurrency and blockchain ecosystem. Bitcoin currently has very strong fundamentals, with many government institutions and influencers starting to promote it. I believe there are still many people who are unfamiliar with Bitcoin. And as more people try to invest in Bitcoin, its value will continue to rise in the future.

Most of us make the same statement, we will buy as much bitcoin as possible if the price suddenly drops 99%. I think I would buy if that happened too, but I think the reality would be very different and not many people would dare to buy, and maybe by then I would change my mind. Because if bitcoin drops to $500, we all lose a lot of money, even everything if we invested all our money in bitcoin at the current price. I wonder, how can we have the courage to buy more when we have lost so much? Easier said than done.

But anyway, this is just an assumption, with the current situation it is clear that it will not happen.