Caporegime
- Joined
- 21 Jun 2006
- Posts
- 38,372
They sold yes. But panicked isn’t something I would say. It’s taken Bitcoin a whole 2 years to get back to highs again. But who knows where the next crash will be. And no one knew at the time what Bitcoin would have been. It was sitting around $7000 for ages and ages. Most people would have bought in around $18-20k mark. Also average joes buy in to make quick buck. Not really in for the long ride. Some still hold some Bitcoin in hope it will rally but tiny portion in comparison.
from what I can tell, there is very little fundamental underpinning Bitcoin and it is pure speculation and thus might as well be treated as gambling.
it is not even a long term investment option cos you just don’t know when you ever gonna see the return. If Bitcoin never rallied or the same topic is being discussed this time last year, people wouldn’t say it is worth investing. Etc etc.
This happens every few years.
Bitcoin always breaks new highs.
Then it crashes. Then it breaks a new high again eventually.
Bitcoin is a store of value much like gold. Eventually both will always rise.