BTC to $500, are you still buying?

[justdimin]

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?

Yes. Bitcoin at that price is nothing to stay away from, if you want to stay away from it then you can but if I ever saw that then I am buying it. Obviously I am talking about a case where the price of bitcoin drops to that level, not some scammer saying they are selling bitcoin for that price lol.

But if bitcoin price drops, I just keep doing DCA and keep buying and holding and because of that reason I do not see this becoming a bad investment because no matter what the price is, bitcoin is still bitcoin. One exception would be bitcoin being broken or something by some hacker, if we see something like that and the market crashes because of that, then yeah I would reconsider buying bitcoin but I would wait until everything is fixed.

[Olamidetechie]

If in a hypothetical scenario price goes as low as $500 and remains there (not like a momentary crash due to some exchange backend breaking down) then obviously nobody is buying it and there is no need to buy bitcoin because it would be practically dead! Otherwise there is no other way price can fall 99.5% and not consider bitcoin dead in that scenario.

Additionally it would be a matter of network security. Miners who are making money from mining at $80k-$100k are not going to be able to make anything at $500 so they'll leave but their hardware will still be capable of mining bitcoin. Meaning the total hashrate would also dump 90%+ and it would make 51% attacks easy.
As I said only if bitcoin dies, price drops to $500...

I really  like this analysis, the moment it reaches $500 at least if they are going to buy their believe in it would actually reduce unlike before.  I would have poster a picture if i had a merit to show a chart of how it was around late 2020.

[kryptqnick]

I really doubt Bitcoin can drop that low. $50k, $40k, perhaps $20k are all realistic, but $500 sounds like a big no to me. Something absolutely terrible and life-changing must happen for BTC to go down that low. A nuclear war, a complete collapse of the global economy, AI getting sentient and rebelling against humanity etc. Or it could be something directly related to Bitcoin, rendering it completely obsolete. But then it would be obvious why the price is dropping and whether there's any sense to buy some.

I think that, unless it's the last case with Bitcoin getting obsolete, I would buy 1 BTC for $500 if I have that much money to spare at that time.

[LogitechMouse]

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?
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So, if it happens, would you still buy it?

Realistically speaking, if Bitcoin will ever reach $500 again, that only means one thing. There's a new "KING" in the town already.

What do I mean by that? It means there's another currency that's better than Bitcoin where investors are putting their money in already. Basically, Bitcoin will become just like what new meme coins are. They dump the coin, basically calling it a "dead coin". That's what will happen with Bitcoin if it reaches that price. Will it happen? Well, if you will look at the chances, it's almost close to 0% that it will happen because at some point, there will be investors that are willing to buy maybe at around $50,000 or around $60,000.

If it happens, I will not buy it anymore because like I said, if this happens then there must be another cryptocurrency or maybe another type of investment that exists at that time where it's enough for investors to pull out their money, and invest into that asset or currency or investment.

[xSkylarx]

It depends on the reason why bitcoin would fall to that level. If the reason is just a usual government regulation then I would be even willing to take a mortgage to finally have a whole piece of it. From what I have observed, those regulation news are just pure manipulation tactives made to scare the public into selling their bitcoin.

On the other hand, if the reason that bitcoin would fall to 3-digit price is that quantum computing technology emerge then I might consider not buying bitcoin anymore. Bitcoin algorithm was only designed to be resistant from classical computers ok ok, the technology we currently have. But quantum computer is already existing now. If such device evolves and is powerful enough, expert hackers can extract anyone's private key and steal any amount that is inside of it. If that were to haopen, it will destroy the people's trust in bitcoin's technology.

[irhact]

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?

Although this doesn't sound realistic, I mean it doesn't sound like something that's going  to happen  but in a situation where it does, I will strongly advise not to buy because such fall doesn't enforce any form of trust, it only makes it look like gamble.  Real investment shouldn't suffer such depreciation over a short period of time, it will only  mean it's no longer safe to put in your money because a lot must have happened for such to even happen, that's over a thousand percent decrease, it's just too much, I mean enough for an asset ot a company to declare bankruptcy and liquidation of every asset they have got and possibly fold up. So if BTC ever gets to that point, most persons will quit and never investment a cent on it again.

[Marvell1]

Anyone who likes and sees the potential of Bitcoin will not miss the opportunity to buy at such a big discount. Although assuming the situation that causes the price drop that occurs will definitely be very large and there will be extraordinary panic, it is true that situation will not happen in the future.

If bitcoin drops to $500, do you think it still has potential? If it has potential, why is its value down 99.54%? If that happens, it just shows that bitcoin has no more potential and will become shitcoin, which is not a buying opportunity. That's when we should stay away from bitcoin and crypto as soon as possible.

But I agree with you and everyone, scenario will never happen. Anyone who predicts, expects or believes that bitcoin will fall below $500 is a bitcoin hater and wants it to crash, nothing more.

[rachael9385]

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?

Am not sure if Bitcoin will every reduce to the range of $500 again because it's going higher every circle. Although sometimes the price dip but that doesn't mean it will drop to the $500 you mentioned. However, if today Bitcoin dip to $50,000k many will buy with borrowed money and hold till dear life. But the fact that crypto is risky because of its volatile, so no body knows the outcome of it but based on the good reputation (results) it has people including me believes that in future it will worth more than the present rate.

[Zoomic]

Anyone who likes and sees the potential of Bitcoin will not miss the opportunity to buy at such a big discount. Although assuming the situation that causes the price drop that occurs will definitely be very large and there will be extraordinary panic, it is true that situation will not happen in the future.

If bitcoin drops to $500, do you think it still has potential? If it has potential, why is its value down 99.54%? If that happens, it just shows that bitcoin has no more potential and will become shitcoin, which is not a buying opportunity. That's when we should stay away from bitcoin and crypto as soon as possible.

But I agree with you and everyone, scenario will never happen. Anyone who predicts, expects or believes that bitcoin will fall below $500 is a bitcoin hater and wants it to crash, nothing more.

Honestly when I read the thread title and the op, what came on my mind first was "oh yeah! 500$ would be such a great opportunity to accumulate more bitcoins and make more returns thereafter". But going through some replies and yours, I understand better now that 500$ isn't a blessing, but a trap. For bitcoin to dip that much, anyone should be able to sense that something must have gone wrong. Many might get stuck hodling what they no longer have faith in.

With such a fall, many would fall back to other alternatives like ethereum. Well, any day an altcoin eventually surpasses Bitcoin in terms of value, trust and adoption, then we all should know that Bitcoin is in a mess. Well, Bitcoin has passed that level where we will be thinking about this. Such cannot happen in reality.

[hyudien]

The assumption is not wrong because bitcoin is indeed unpredictable so anything can happen but if there really is a drop like that, is it possible that people will believe in bitcoin again? maybe some will buy as much as they can because this is a great opportunity and maybe some will run away because their level of trust in bitcoin will be gone, this thread is basically almost similar to what I read before coming here Will you buy back when Btc reaches $3,000? But as I said this drop will never happen and I hope so.

[ndutndut]

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?

Am not sure if Bitcoin will every reduce to the range of $500 again because it's going higher every circle. Although sometimes the price dip but that doesn't mean it will drop to the $500 you mentioned. However, if today Bitcoin dip to $50,000k many will buy with borrowed money and hold till dear life. But the fact that crypto is risky because of its volatile, so no body knows the outcome of it but based on the good reputation (results) it has people including me believes that in future it will worth more than the present rate.

It is very unlikely that bitcoin will drop to the $500 range, because this is a very drastic drop. If this happens, something must have happened that makes bitcoin worthless, of course if something bad happens I think buying bitcoin is no longer the right choice. I mean bitcoin has made people doubt bitcoin so that bitcoin drops to $500 so why do we invest in bitcoin. Even if that happens, but realistically bitcoin will not fall to $500, even if there is a drop for something, at most 50% it is impossible to drop to 95%.

But if we study the purpose of bitcoin and its fundamentals, bitcoin is an asset of the future, so if there are people who think bitcoin will fall or even die, it is because they hate bitcoin. There have been many examples of people who say bitcoin will die and so on, but in reality the price of bitcoin continues to rise every period, in fact it is now an asset that can fight inflation.

[Swordsoffreedom]

It depends on the reason why bitcoin would fall to that level. If the reason is just a usual government regulation then I would be even willing to take a mortgage to finally have a whole piece of it. From what I have observed, those regulation news are just pure manipulation tactives made to scare the public into selling their bitcoin.

On the other hand, if the reason that bitcoin would fall to 3-digit price is that quantum computing technology emerge then I might consider not buying bitcoin anymore. Bitcoin algorithm was only designed to be resistant from classical computers ok ok, the technology we currently have. But quantum computer is already existing now. If such device evolves and is powerful enough, expert hackers can extract anyone's private key and steal any amount that is inside of it. If that were to haopen, it will destroy the people's trust in bitcoin's technology.

The difference between bitcoin today and years ago is that it has a massive market capitalization of nearly $2 trillion and is slowly being recognized and legitimized globally. It is even compared to gold, an asset considered to be the best in the world. But if the government suddenly turns around and bans bitcoin again and it falls to that level, it's no longer just a matter of banning it because they can't control it or because it's decentralized...things get very serious. Or any reason why bitcoin plummeted, losing over 95% of its value, this is a warning sign about the future of bitcoin. Simply because an asset with potential and intrinsic value will never lose that much value.

So in my opinion, whatever the reason behind that drop, but if it falls to that level, it's the end of bitcoin and investors.

[Powerjumboo]

If in a hypothetical scenario price goes as low as $500 and remains there (not like a momentary crash due to some exchange backend breaking down) then obviously nobody is buying it and there is no need to buy bitcoin because it would be practically dead! Otherwise there is no other way price can fall 99.5% and not consider bitcoin dead in that scenario.

Additionally it would be a matter of network security. Miners who are making money from mining at $80k-$100k are not going to be able to make anything at $500 so they'll leave but their hardware will still be capable of mining bitcoin. Meaning the total hashrate would also dump 90%+ and it would make 51% attacks easy.
As I said only if bitcoin dies, price drops to $500...

I really  like this analysis, the moment it reaches $500 at least if they are going to buy their believe in it would actually reduce unlike before.  I would have poster a picture if i had a merit to show a chart of how it was around late 2020.

Yes, it is true that when Bitcoin reaches $500, there will be a kind of fear among people because when it reaches $500, people may lose faith in Bitcoin. But I will not lose faith because I know about Bitcoin, I have noticed the popularity of Bitcoin and I have seen people's attraction towards Bitcoin investment.

[len01]

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?

Everyone will still buy Bitcoin even if it is $500k but will not believe anymore if BTC reaches $500.

I would say my personal assumption is that when Bitcoin dump to $500, it means something is wrong with it or something bad is happening. And the current price is already very high and it is impossible for that to happen without something bad happening.
But if Bitcoin reaches $500k, it means that BTC adoption is increasing and has positive things in it and more investors are investing in it. Well, maybe this is a simple answer from my personal assumption.

[Beparanf]

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?

Today? From 80K to 500$ dump means there’s a catastrophic event on Bitcoin that related to secure that creates this havoc in the price. Even Pandemic that affects the global economy badly doesn’t make the price of Bitcoin go to this level.

Logically, I will not buy due to the fact that there’s a major reason why the price dump. I will wait until the issue settle before I start investing again.

A price dump like this usually takes time to recover considering how bad the dump.

[Awaklara]

If bitcoin drops to $500, do you think it still has potential? If it has potential, why is its value down 99.54%? If that happens, it just shows that bitcoin has no more potential and will become shitcoin, which is not a buying opportunity. That's when we should stay away from bitcoin and crypto as soon as possible.

If that situation happens with the impact of a major event, which I'm sure is not just related to the hacking of an exchange that results in bankruptcy. Then there will still be two thoughts in the market, one party will think like you, there is no more potential in Bitcoin. And on the other hand, will still think optimistically about recovery even though it will not be on a large scale. There is still a chance to make a profit even though you will not think of reaching ATH.

[death69]

If BTC hits $500 today, we’re talking about a collapse of belief. And belief is the whole architectural design for value. It’s a cultural, psychological, and monetary fracture all in one frame. See, $500 BTC has nothing to do with "would you buy?" Who or what does humanity currently hold to as its core values? Is it fiat again? Gold? A new protocol? A CBDC? Or something we haven’t named yet? The game isn’t static. The thing that stands for freedom will take different shape. It always does.

So perhaps I would buy. Maybe I'd watch. Perhaps I would wait for the next belief system to show its hand. Since it's not about Bitcoin being cheap. It is about whether it still reflects sovereignty. Then $500 is like a new beginning. It's just noise if it doesn't.

[lizarder]

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?

The next question is if no one buys it, will bitcoin touch that price? As long as there is a process of supply and demand, bitcoin will continue to be traded and no matter what the price is later because even though it has reached such a high price, there will still be people selling or buying, this is a simple formula in economics.

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?

Why are there implications and why destroy investments just because of the increasing price. The absence of a relationship of trust regarding this and the high price of bitcoin in the future will make people compete to buy. The only worry is that we will not have the opportunity to buy because the price is getting higher and if we do not take advantage of it today, we will lose the best opportunity in the future.

[Nothingtodo]

If in a hypothetical scenario price goes as low as $500 and remains there (not like a momentary crash due to some exchange backend breaking down) then obviously nobody is buying it and there is no need to buy bitcoin because it would be practically dead! Otherwise there is no other way price can fall 99.5% and not consider bitcoin dead in that scenario.

Additionally it would be a matter of network security. Miners who are making money from mining at $80k-$100k are not going to be able to make anything at $500 so they'll leave but their hardware will still be capable of mining bitcoin. Meaning the total hashrate would also dump 90%+ and it would make 51% attacks easy.
As I said only if bitcoin dies, price drops to $500...

I really  like this analysis, the moment it reaches $500 at least if they are going to buy their believe in it would actually reduce unlike before.  I would have poster a picture if i had a merit to show a chart of how it was around late 2020.

Yes, it is true that when Bitcoin reaches $500, there will be a kind of fear among people because when it reaches $500, people may lose faith in Bitcoin. But I will not lose faith because I know about Bitcoin, I have noticed the popularity of Bitcoin and I have seen people's attraction towards Bitcoin investment.

Hahaha, when Bitcoin reaches $500, there will actually be a kind of fear among people where people will try to sell off the amount of Bitcoin they are holding when they get the chance. Those who are already familiar with the ups and downs of the Bitcoin market will definitely decide to buy and hold Bitcoin without fear.

[asriloni]

firstly, it feels like your question came from your imagination as BTC to 500 will never happen again. Even if it reaches 50k, and i'd still buy it. It becomes investment opportunity coz bitcoin has limited supply, it won't be inflated.

Secondly, i believe if bitcoin reaches such price and many will even sell their house to buy bitcoin.  i've seen some who sold their house to buy bitcoin even when the price was around 20k - 50k range.

Lastly, wake up from your dream dude!. *lol Bitcoin to 500 will never ever happen again. Even when all institutional investors dumped all of their btc, it won't even reach 500.