Topic: Bitcoin and global tensions! - page 2. (Read 324 times)
I think they are also converting to USD or hard local cash because it's the only medium they can use when the war breaks out. It's the only money they can use to buy stock they need for the preparation. People need to buy supplies and the prices till shoot to mars when war happens. This tension is somewhat going to this global conflict IMO.
Although they are saying that the US will not take part in the tension between Iran and Israel, Netanyahu is sick in the head. This man is dragging everyone down with this tension.
Once again the weak hands in the Bitcoin Market are overreacting to the overly hyped up reports by mainstream media and panic selling their bitcoin. So far they've only caused a 9-10% drop which was also partly recovered by going back up to around $65k.
However, this raises the question of how suitable Bitcoin is in times of increased global tensions? This is while I wouldn't even categorize this as a significant tension, this is something that may not even last more than 24 hours. This is also happening at the time when both oil and gold are soaring due to the same increased tensions. By all logic bitcoin price should have soared over the past couple of hours instead of dropping.
In my opinion panic sells like this are telling us that the market has not yet reached the maturity that we'd hoped for but at the same time the fact that the size of the panic sell is not as big as what would have been 5-10 years ago says there is still some hope as we are on the right path.
Iran-Isreal conflict here's what I learnt regarding bitcoin and it's adopters within this shortest time:
A large number of bitcoin holders don't understand the market that well as they claim to, and they are not holding bitcoin for it's other utilities than as just a means of making profit through it's volatility. And as a result there is an immature trust level from especially the weak hands as they get consumed by FUD from the media.
Bitcoin is conventionally described as digital gold and if digital gold to it's adopters/holders, then it's rightfully expected that the market forces behind the soaring of oil and mostly traditional gold under this 24hr+ tension ought to have effected also in bitcoin price. However a price fall was what we all experienced, meaning that apart from bitcoin not reaching a preferably matured level it has also not gained so much wide range of trust as traditional gold. That's why any conflict of this nature in any part of the world will always have a reversal effect on bitcoin price not until it acquires and reaches that climax of trust and maturity as gold.
And I agree with Op that if it was to be a decade ago the percentage price fall experienced presently would have been far down than this, which is to say there is a progression and bitcoin will surely get there giving it time.
The bombing of Israel is very alarming. Of course, this situation may not be a major long-term concern, but it has influenced the volatility of the bitcoin price since Friday. Meanwhile, I see no reason why investors should be afraid because of such events. I only expect citizens of the country that is being affected by the bombing.
Also, the bombing may have triggered fear in investors and most of them started selling. Regardless it still does not negate Bitcoin's potential as a long-term asset. Bad news comes and goes but the value of Bitcoin remains for as long as I know. This is not the first time such economical and political news has affected the price of Bitcoin and it is not like we weren't aware that such events can influence Bitcoin before investing in it. A potential investor by now should be aware by now of the factors that may affect Bitcoin's price.
You're right, the market is still maturing, and these reactions show there's room for growth in investor confidence.
Also, the bombing may have triggered fear in investors and most of them started selling. Regardless it still does not negate Bitcoin's potential as a long-term asset. Bad news comes and goes but the value of Bitcoin remains for as long as I know. This is not the first time such economical and political news has affected the price of Bitcoin and it is not like we weren't aware that such events can influence Bitcoin before investing in it. A potential investor by now should be aware by now of the factors that may affect Bitcoin's price.
You're right, the market is still maturing, and these reactions show there's room for growth in investor confidence.
Most people still didn't see Bitcoin as their safest asset to hold, so they treat Bitcoin as trading, whenever it reach or down at certain price, they will sell/buy instead of holding.
They prefer to convert their asset to WTI, XAU or even USD since they believe those are immutable and less volatility.
It's really hard for Bitcoin reach maturity level, if most people still don't know why they buy Bitcoin (instead of price) and how to hold it safely (they still use centralized exchanges), what we can expect?
They prefer to convert their asset to WTI, XAU or even USD since they believe those are immutable and less volatility.
It's really hard for Bitcoin reach maturity level, if most people still don't know why they buy Bitcoin (instead of price) and how to hold it safely (they still use centralized exchanges), what we can expect?
A little context:
As I'm typing this according to article 51 of United Nations Charter, Armed Forces of Iran is responding to the terrorist attack on the Iranian embassy in Syria earlier this month by bombing Israel, a designated terrorist organization that has also been committing genocide in Gaza for the past 190 days.
Once again the weak hands in the Bitcoin Market are overreacting to the overly hyped up reports by mainstream media and panic selling their bitcoin. So far they've only caused a 9-10% drop which was also partly recovered by going back up to around $65k.
However, this raises the question of how suitable Bitcoin is in times of increased global tensions? This is while I wouldn't even categorize this as a significant tension, this is something that may not even last more than 24 hours. This is also happening at the time when both oil and gold are soaring due to the same increased tensions. By all logic bitcoin price should have soared over the past couple of hours instead of dropping.
In my opinion panic sells like this are telling us that the market has not yet reached the maturity that we'd hoped for but at the same time the fact that the size of the panic sell is not as big as what would have been 5-10 years ago says there is still some hope as we are on the right path.
As I'm typing this according to article 51 of United Nations Charter, Armed Forces of Iran is responding to the terrorist attack on the Iranian embassy in Syria earlier this month by bombing Israel, a designated terrorist organization that has also been committing genocide in Gaza for the past 190 days.
Once again the weak hands in the Bitcoin Market are overreacting to the overly hyped up reports by mainstream media and panic selling their bitcoin. So far they've only caused a 9-10% drop which was also partly recovered by going back up to around $65k.
However, this raises the question of how suitable Bitcoin is in times of increased global tensions? This is while I wouldn't even categorize this as a significant tension, this is something that may not even last more than 24 hours. This is also happening at the time when both oil and gold are soaring due to the same increased tensions. By all logic bitcoin price should have soared over the past couple of hours instead of dropping.
In my opinion panic sells like this are telling us that the market has not yet reached the maturity that we'd hoped for but at the same time the fact that the size of the panic sell is not as big as what would have been 5-10 years ago says there is still some hope as we are on the right path.
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