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.
I think the tipping point of mining activities would come, and it would most likely lessen at a big percentage the amount of people who are mining for coins. I say that because it would not make sense to continue on something that you would only get a loss in the end. For every business venture that people do in the cryptocurrency market, it's always aimed to get something back whether it's profit or asset. Also, I think that right now, it is slowly reaching that point because it has become harder to mine since the market cap of many coins are reaching its peak.