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The scariest part was when the price of BTC started to rise, and more and more people flooded in.
Yep, exactly That's the turning point of Bitcoin! Because at first people are just skeptical about it that Bitcoin is just a bubble as sooner or later it will lose its value and become zero. But those people were in a misunderstanding. Bitcoin proved its right side of the psychology of Bitcoin behind the investment to its investors, that is, it confirmed to people that Bitcoin was not created on a common based concept like others, despite Bitcoin existing under a unique concept.
Up until now, after the BTC frenzy, the current psychology of owning BTC is: I now have digital gold. So, do you own digital gold?
It is true but anyway I think Bitcoin is more than gold. Bitcoin has all the qualities that Gold has, except for high volatility, but Gold does not have the qualities that Bitcoin has. like decentralization, Blockchain transparency, privacy, etc.