So, I was thinking, for the long term, even if Bitcoin goes below USD 6000, no worries, 5000, 4000, much the same. Hodl for the long run.
But, the vitality of Bitcoin is maintained by the continuous mining of Bitcoin. On an average these mining costs are USD 3000 to 3500 approximately. So, what happens when Bitcoin falls to that level?
Maybe the mining rigs won't mind bearing losses for a few months if they sense an upside later on. But, what if they don't, and start bailing out?
In that case, USD 3000 or whatever the lowest cost of mining Bitcoin will effectively become the null point. If Bitcoin falls to that point, downwards beyond that is a steep vertical cliff wall, and an inevitable fall to Zero.
Nothing very critical, there will be less miners, some nature will be saved. Mass mining is not a necessity, but a camouflage to financial scheme, which BTC is. Although it will not be "reasonable" to mine in many countries, mining power is in ridiculously huge excess anyway. That much mining is not needed, most of it is just a waste of energy. Many people dont understand information technology enough. Bitcoin mining, like it is today - is a ridiculous overkill by means of collective computing power for just validating transactions.
If BTC continues dropping, speculating on it will at some point become pointless. If all altcoins fall too, cryptocurrencies will be history.