BTC to $500, are you still buying?

[Olamidetechie]

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?

[Ambatman]

Only for trading if cryptocurrency would still exist then
Anything that brings Bitcoin to such price
Means it is dead and the system was flawed.
Even if you divide the today's cost of mining by 50
It would still be way higher than $500.

So in my opinion No, it might be attractive to a trader but not an Hodler since such fall
Signifies a massive flaw in its protocol.

[Odusko]

If the Price of Bitcoin drops to $500 many new millionaires will be made at that time and since it will be the opportunity of a lifetime to buy new Units of the assets it will definitely recover back to at least $100,000 within a short period if that happens, so why should anyone worry when incident like that happens, since Bitcoin is only lost when you exchange it at low price, and if the price crash and you do t sell you are not losing your Bitcoin yet and only time it will take for you to recover back again.

[GeorgeJohn]

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?

Yeah, it's obvious that people will buy bitcoin, hoping for bitcoin to rise above $500, and investors will also make a profit

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?

people who bought bitcoin at $10k, $20k, they investd on Bitcoin  due to feature purposes, that they just give bitcoin investment a trial, because people who is investing at of the time bitcoin hits $100k they did so because they have seen that people are benefiting in bitcoins investment already.

[Botnake]

I will always seize any opportunity to buy bitcoin at its cheapest price, so it’s a yes. But this time, I won’t hold bitcoin more than a year or two, but once impressive profits come on my way, I will definitely sell without doubt. Also, I won’t invest more than what I can afford to lose, losing may be in inevitable in the long run, so just DCA with my spare money and hold, and find time to sell whenever profits are available.

[Jating]

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?

Tweet that to Michael Saylor and see his reactions. You didn't mentioned though what are the circumstance first that will make the price go to $80k to $500? So that we can see your reasoning and if it possible.

And so it's hard to answer the questions without first understanding what event will lead Bitcoin to go this low.

[boyptc]

That's what many are waiting for so why they're not going to buy? They keep on telling that they're waiting for the dip so they'd buy the dip.

Even I, I'll buy the dip.

But I don't like to see $500 anymore because it'll totally going to put my portfolio down a lot.

[SatoPrincess]

You’re asking people on a Bitcoin forum if they would take advantage of the opportunity to buy bitcoin at $500? I don’t think there is anyone here who would think twice about making that purchase. Many of us who did not buy bitcoin in its early days regret it and are always on the lookout to see how we can increase our bitcoin hodlings. At $500, I could afford at least 10bitcoins.

[BitMaxz]

I don't think this is possible for BTC to go that far based on my analysis based on the price history the only price that BTC could probably drop is around $50k or if it broke around $30k.
$500 is I think impossible even $10k.

However, if the price drops significantly and reaches that level, why not buy 1 or 2 BTC because it is very cheap and good for holding long term? Just make sure there are still many exchanges listing it with high volume; there is a good chance it will bounce back higher in block halving.

[nullama]

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?

For that scenario to happen, it would mean that a huge amount of people are selling, or at least a huge amount of bitcoin is for sale.

The thing is that there are a lot of people with buy orders on the way down to $500, so all of those buys will have to be fulfilled first.

That means that there would be a massive amount of friction for the price to go down. It won't be an easy way down, at all.

But, assuming that it is at really low level (I think $500 is impossible) I would still continue to buy. Bitcoin is not going away. There will be manipulation, or many other issues, but the fact is that Bitcoin will continue to exist, independent of whatever is happening, and it will continue to rise in value, because it is really useful.

[Distinctin]

Seeing bitcoin price drops into $500 from $100k or $80k, that would be very hard for those who have been hodling a good amount of bitcoin. The trust issues would certainly arise and would doubt if there are still a good future for bitcoin.

However, even if it’s hard to explain but we all know this is inevitable, this is something that’s beyond our control, but I’ll still chose to buy once again. If bitcoin has decreased a lot like starting from a scratch again, then most likely it will also reach another peak again like it did before that made a lot of people rush to buy bitcoin.

[Bd officer]

Now if BTC drops to $500, I'll get a chance to buy at a lower price. Because I saw BTC at the lowest price of $15k, so if BTC drops to $500 I will definitely buy more. Now that I haven't invested more than I can afford to lose, and I have a long-term plan, I won't be financially affected if prices drop unexpectedly. Now I don't think BTC will drop to $500 in the future which is never possible.

[notocactus]

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?

Why not if it is my dream for many years since 2017 and 2018 bull run?

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 you always hope for cheap prices when price is going to new ATHs in a bull run, but you turn to be fearful when price is corrected as drawdowns during a bull run or in a bear market, you will never buy in!

It's fact with many newbies and they need a lot of months, years, with like two market cycles to understand that dips, corrections, crashes are great opportunities to buy cheap bitcoin.

• DCA vs Smart DCA, what do you choose?
• https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59

[mcdouglasx]

Technically, Bitcoin will not drop below 50k. Once the price drop 60k, a massive buying spree would begin, driving it back to 100k. Such an event would only be viable in the case of a third world war or if a vulnerability in secp256k1 were discovered.

[d5000]

Anything that brings Bitcoin to such price
Means it is dead and the system was flawed.

But wouldn't the price be zero in this case?

I think it's interesting to speculate about what type of event could bring Bitcoin down to $500 in the short-medium term (in the long term everything is possible). It must be a very serious event, but Bitcoin won't have failed completely, because this would mean the price is zero.

Some ideas and what I would do in this case:

1) Successful 51% attack, but attacker isn't able to control the chain completely but only for some blocks or, at most, hours.

Would I buy? That depends - if there was a specific flaw which led to the attack and it is fixable, then yes.

2) An altcoin surpasses Bitcoin and demostrates it is superior for several months. Bitcoin can't be modified to claim leadership again.

Would I buy? Perhaps, because at this price, maybe there's the opportunity for some wild volatility and I can make short term profit. Just like with altcoins, however, it's unlikely that I would hodl.

3) Extremely strong solar storm which shuts down the Internet and splits the Bitcoin mining network into several subnetworks (see this thread).

Would I buy? Probably yes as the problems should be only temporary. But the question is: on which chain? If there are several subnetworks, I'd have to ensure the miners of my subnetwork have the highest hashrate. So perhaps it wouldn't be easy to profit from the moment of maximum panic, and once the network reconnects, it's likely the price again goes up at least to $10,000.

[hugeblack]

If this happens, we can assume that 99.9999%^* of crypto market will disappear, the majority will inevitably lose confidence in Bitcoin as a store of value but Bitcoin and Monero will have some use cases.

This scenario could occur if global legislation is enacted or a security vulnerability (leads to double-spending) is discovered.

Edit:

* 99.99999% (I didn't know there were 13M cryptos.)

[Nothingtodo]

Do you think that when Bitcoin reaches $500, you can certainly guess what will happen to other altcoins? If you compare the mining costs to the price of Bitcoin when Bitcoin hits $500, mining companies will stop mining Bitcoin. When the price of Bitcoin continues to decline and mining companies stop mining, Bitcoin will automatically become a dead coin.

[Smack That Ace]

You’re asking people on a Bitcoin forum if they would take advantage of the opportunity to buy bitcoin at $500? I don’t think there is anyone here who would think twice about making that purchase. Many of us who did not buy bitcoin in its early days regret it and are always on the lookout to see how we can increase our bitcoin hodlings. At $500, I could afford at least 10bitcoins.

Bitcoin falling from $100k to $500 is completely different than bitcoin being at $500 years ago, the problem would be much more serious.

We need to know why bitcoin dropped so much and whether it can recover. Then we make investment decisions, we cannot invest blindly and not know where we are throwing our money. If the cause is a vulnerability in the bitcoin blockchain and threatens its future, causing people to lose confidence, I don't think it's wise to buy at that time.

By the way everyone says they will buy when it hits $500 but I don't believe it because then the market will just panic and panic. It is easier said than done, and we can say whatever we want, but whether we will do it or not is still uncertain.

[fuguebtc]

OP, if you search the forums, you will see there are similar questions and most people claim they will buy bitcoin if the price drops to $500, $1,000 or $3,000. But honestly, i doubt and don't believe anyone will buy much if the price drops to 1k$ like they claimed.


Bitcoin just dropped more than 30% from $109k to $74k just because of Trump's crazy trade war, people are complaining, panicking and not many people dare to buy. They fear that the market will enter a bear market, fear that prices will fall further...there are many reasons why they hesitate to buy. So it would be unrealistic to say that they would buy if the price of bitcoin dropped to $500.

Personally, if I had the money at that time, I would buy 1 or 2 BTC or maybe less, but not more and consider it a gamble. I won't buy too much or buy indiscriminately like people said.

[X-ray]

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 it dumped to that price because something disastrous, then I would reconsider buying, although at that point I will still be inclined to buy regardless, the upside potential is huge.

But if it were dumped because market just suddenly become shitty, then I'd buy it instantly without even thinking twice, as I said earlier, the upside potential is too huge for me to not buy bitcoin at that price.

There's always big chance that the price can climb back up again, even going back to $20k is already great. but I don't really believe bitcoin will ever touch $500 again.