There are two types of
price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.
In his paper, Bitcoin:
A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
It depends on who you ask, if you ask this question to speculators they will probably say to you that is the only thing that matters to them as they do not really care about the reasons bitcoin was created and I doubt they have ever read the whitepaper. The rest will say its purpose and the almost flawless execution of Satoshi was more important, but it is undeniable that the price and the volatility of bitcoin still play a huge role on why bitcoin has been adopted so quickly all over the world.