I was just wondering if it is possible. What event or series of events could crash the price of Bitcoin to $5? What will you do if that happens?
I think that only one thing could make Bitcoin's price fall so low and it is simply the invention of a newer, better technology than blockchain. I think that this will not happen for many years, but with such rapid technological development it will certainly happen sometime. Just as financial markets will now adopt Blockchain, so will Blockchain in the future be replaced by newer technology. It is simply progress of civilization.
And even a better technology does not mean that bitcoin will go that low in value, for example if the technology that surpassed the blockchain was closed source then many in this market will not exchange their bitcoins for that new coin since they will have doubts about the intentions of those behind the technology or if there are secret backdoors that allows them to do whatever they want.
And if that was not enough the advantage that bitcoin has over every competitor gets larger every year so if such technology does not appear soon by the time it does it could be too late and bitcoin will be too big too fail and to replace.