Nobody knows. I think the price was expected to fall with the covid19 and economic crisis that we have. Despite that, bitcoin showed its toughness.
How did is show its toughness? By dropping like a stone from 10k+ to 4k?
It has lost more than 60% percent of its value and even now is 10% below pre-pandemic, on the other hand just for comparison, SP500 dropped 33% and is now only 3% below, and Nasdaq dropped almost the same but it is now above March levels.
There was no "toughness', it dropped like everything else, and in some cases took a bigger fall than most.
And who the hell would pray for a crisis in the first place? That's so unbelievable
!
You would be amazed by their numbers.
Check the topics about the imminent collapse of the bank or goverment control and you will see how many are praying for a "reset" and a crisis jsut so their 2$ tokens will be worth 4$. Never underestimate the number of poeple who would not blink at tragedies happening if those events favor their own situation.
Bitcoin has no toughness at all. or stability is a better word. Bitcoin is too volatile. It has always been and it will remain until there is a very wide adoption wherein not everyone is selling and buying huge chunks everyday.
Do Not Pray for an Economic Crisis!
Why would anyone pray for that? It will simply bring difficulties for anyone. But people that are hedged into Bitcoin should not be worried of devaluation of their currency or total monetary collapse. So one huge worry less.
Moreover, there are abundance of people who always wait for crisis. Crisis are the times when many people sow their seeds of becoming millionaire. It's just the normal people who suffer and will continue to suffer.
The strange thing is deflation and inflation will likely alternate even if FIAT does fail then it may not be the benefit some thought crypto would gain under such a scenario. The basic reason is that when everybody loses from defaults and from lost value in inflation it makes society poorer and also can impede business, lower monetary velocity and discourage trade between countries. If the economy is less then dont expect to be any better off, really BTC or gold or whatever plan a person could have to avoid central failure its just insurance not often a gain over a proper economy. A good example of this would be Venezuela or similar countries that destroyed their prosperity through force over market based economies or people determining political direction, so they have failure which never resets and nobody is gaining from this bar criminals perhaps.
Not really less than 1% of the total global population uses bitcoin. I don't think this concept will work in cryptocurrencies. This happens with something which is regularly dealt in market and there are major Institutional companies buying and selling these things.
