The recent downward swing, and the more recent upward swing, or call it crash and recovery or whatever you want is the wrong way of looking at all of this. This is a volatile market because nobody is yet certain how the demand is going to play out. Look around, people, you have seen nothing yet. The demand is going to be huge. There are only a few people using crypto and Bitcoin - ask yourself, what happens when everyone comes, so next time the price drops (or increases) by 30 or 40 % stay calm cause you have seen nothing yet.
If everyone was certain that everyone would be using Bitcoin, the price would never stop going up. But 1) the likelihood that the majority of the world population is going to crypto is not a given, and I would argue against it. Crypto is always going to be a niche element, and the
to the moon people are delusional. And 2) the likelihood of the majority of the world using Bitcoin is far, far less likely. There will be so many crypto options and competitors, no one crypto will ever have a too the moon valuation because crypto as a whole will be liquid and easily replaceable, so added adoption is not going to favor any one crypto heavily but be spread among dozens and possibly hundreds of cryptos. If you bought Bitcoin above $1000 and expect to get stupid rich off it, it's not going to happen.
While I certainly do agree with you on some parts, I really cannot agree with some where you say that the scenario where the majority of people will really be using crypto is far less likely. You see, people are greedy and loves innovations and stuff that makes things easier for them(not to mention how much most of the people want to look cooler than the other). Which is why I think some time in the future, something like this happening has a good chance. Another thing that I do not agree on is the thing about no crypto coin will ever have a to the moon valuation because clearly the to the moon valuation has no specific number. Besides that, we are not capable of seeing the future which is why we can never be certain about everything. Specially when it comes to cryptos because we have already witnessed so many times how fast things change around here. Not to mention the fact that if you ask any crypto lover you come across to a question like "what was the first crypto currency you heard of and bought first?", I pretty much think that the majority of them if not all will say bitcoins. And lastly, the thing you are saying that he can't expect to be rich when he bought bitcoins on prices above the value of a $1000, is something that I strongly disagree with. You cannot say such on someone because you do not know what type of person that is. Clearly, the price when you bought is not the thing that makes you rich but the way you control or manage your possessions. Or should I say, how you work hard on learning as much as you can about bitcoin and how it moves at these months of the year and so on, so that you know when to buy, how long to hold and when to sell. I think you get my point.
-just sharing an opinion, good day man
Yeah, people are greedy, which is why you see them flocking to crypto right now amidst the wild price fluctuations. People aren't interested in crypto as a currency, they're interested in it as a speculation vehicle. By trying to use Bitcoin to get rich quick, people are adding to the volatility and the extremes of the price swings, and the more volatile the price is the less utility it has as a currency. So the question then becomes, is the whole world going to be interested in gambling on some speculative asset, and the answer there is an easy no. The only way the whole world gets on Bitcoin is if Bitcoin is stable enough to use as a currency, and if it were so stable, most of the people who are currently interested in it because they're trying to make money off it would lose interest. It's a Catch-22, but the end result either way is the whole world isn't adopting it.
On the subject of reaching the moon, it already went there and nobody realized it.
