The awareness of bitcoin is so much larger now than in the beginning of 2013 that anything can be a catalyst for the next cohort coming [ ... ] These millions of people who are curious about Bitcoin and are not influenced by the FUD but just observe the price willing to buy low [... ]
How does China fit into this picture? And the growing list of scams and failures of bitcoin-related ventures?
I am just taking the long-term view and big picture. A large percentage have not even heard of china. The list of scams and failed bitcoin ventures is growing every year, so up until now, the correlation with bitcoin price is positive. What I am trying to explain, are the mechanisms that always take Bitcoin up from the abyss where the majority believes that all hope is lost.
Eg. my own purchase was motivated with the following analysis:
- 75% it will go to zero
- 25% it will turn back and reach ATH, in which case I make 10x.
I know there are more people like this in the world, who buy cheaply, don't read news (they are lies) or forums (who would write anything worthwhile), and are expecting to lose all. Nothing can shake them once they have bought. That's the beauty of it
If bitcoin goes down another 6 months, all the coins belong to the likes of me. You still think the price will go down afterwards?
