This is the reason why in the end I preferred transferring my btc from Bitmex to Binance, where I sold 3/4 of them for fiat money (€).
This way, no matter how deep bitcoin drops, a certain amount of value of money will always be safe.
yeah... but it's not real fiat currency. it's still crytocurrency that claims that each token is backed by fiat currency.
sad thing is you ll have to accept that risk. the risk of holding crypto backed fiat currency