The only reason why people buy bitcoin, is to make money. I believe in the tech, its the future blah blah blah. Your here to make "sick" gains, most will not have the stomach for it. How many investors bought 100 btc for $100 and sold them at $20,000 each, practically none.
Say bitcoin reaches $1 million and you invested now at $3800. You honestly think you wont sell when it hits $50,000 or any other figure that will improve your life significantly. Nobody knows if, when or how it will happen.
Don't waste your life waiting for a win, you will end up going crazy. Invest yeah sure, check it once a week / month on progress and just let it be man. For all we know, it could be outlawed and crash to $0 tomorrow.
I agree with not wasting your life away waiting for a come up. What I don't agree on is Bitcoin being outlawed entirely, for any given reason.
It would be much easier to impose regulations and tax it to death.
You say the only reason why people buy into the market at this point, is in hopes of making a profit, possibly true. I don't pocket watch others spending habits, but I'm sure some did cash out during the steep inflation period which peaked around $20,000.
I could have bought Bitcoin at $10 a coin but I was young and immature, not understanding quite what it stood for. I'm sure many were in the same position at the time. To be honest, I had thought Bitcoin was another variant/ alternative to E-Gold or something. I didn't really handle my due diligence then.
I'm sure Bitcoin is just getting started and needed to correct itself by deflating. Without any resistance, you can't develop into a strong force. I mean look at how many institutional investors have their eye on the market now!
The main concern most tycoon investors have is the market manipulation. If I'm not mistaken, it's one of the reasons why propositions for a Bitcoin ETF haven't passed yet.
Just my 2 cents!