Look guys it is very simple. Bitcoin is not the fiat that everyone uses as their unit-of-account, thus fiat up, Bitcoin down just like every other speculative (hot money) asset in a liquidity crunch.
People invest in Bitcoin to make money, not to hold it as a heirloom. Thus when shorting becomes the new profit trend, the speculators chase the trend. The loaners of BTC raise their rates. Everybody is happy. Bitcoin goes down.
2008 took silver from $21 to $9. Bitcoin is more volatile than silver.
Come on guys, Bitcoin is not cash. That is the dumbest thing I've ever read. Bitcoin is a crypto gambler's addiction. Period. You guys need to get out and get some fresh air and look at yourselves more objectively.
Not using as a unit of account but using as a store of value IS holding it as a heirloom. Long shot speculation? Yes, like most everything else.
No; heirloom is defined as something that you pass from generation to next, such as collectibles and include gold coins.
Everyone is holding Bitcoin in expectation of making more money on it, not because Bitcoin is their unit-of-account. Nobody uses Bitcoin as their unit-of-account, except for as a reserve currency for crypto gambling & speculation, then they do count how many BTC they gained or lost. But no one is using it as a unit-of-account for the major expenditures of their life. No one. Not one. (and anyone who is, is tinfoil hat insane)