The price is one of the indicator of bitcoin's success. What you're saying is totally right, bitcoin will be continued to be used even if it was at $1, but if something goes down from $70k to $1 then it also means that somehow it has failed. There will be people who will keep using bitcoin but forget mass adoption at that point.
Then of course are also people who took the risk to buy bitcoin I can totally understand if they want to get some profit, nothing wrong with that.
Then of course are also people who took the risk to buy bitcoin I can totally understand if they want to get some profit, nothing wrong with that.
That's certainly true, mate. A huge dip in Bitcoin's price would certainly give a bad impression to the public. It would mean Bitcoin has failed as a store of value (even if the blockchain would still be alive and running). I don't think prices will stay low for too long, especially when Bitcoin hasn't reached the mainstream yet. Once the whole world is using Bitcoin, you can bet market prices will go all the way to $1m. That, and also the fact that the Russia-Ukraine war and rising inflation rates need to end for BTC to go all the way to the moon.
I'm pretty sure it will be all over by the next Bitcoin halving in 2024. People won't want to miss the train once BTC skyrockets like crazy. While market prices are important, they're certainly not as important as the health of the blockchain itself. With how far BTC has gone since its inception, I don't think it will die just like that. Who knows if it lives for generations? Just my opinion
