Quote from: Helena Yu on August 05, 2024, 02:23:01 PM

Quote from: fuguebtc on August 05, 2024, 01:19:35 PM

I don't want to lie and I am also among those who do not believe that bitcoin will fall below $50k . But what about you, do you believe it will drop to $50k before then and why do you think that will happen ? I believe everyone was surprised by this dumping because it happened so suddenly and so quickly .

Without concerns about a global economic recession and news related to wars between Middle Eastern countries , nothing would have happened . These things are unpredictable, so there is nothing wrong with people not believing that a bitcoin drop to $50k scenario will happen . Today , the entire world stock market is in the red, the cryptocurrency market is no exception and not too surprising .

Today, the entire world stock market is also in the red, so there is nothing too scary because this is a general situation, not just bitcoin.

No one expect Bitcoin price will fall below $50K which is true, but saying Bitcoin price is affected by global economic recession and entire world stock market in red is really not make sense. Bitcoin should be a safe haven to store wealth, just like gold, anything that happen in the world will not affect those assets.

But, unfortunately there are so many panic selling by Bitcoin holders, which I don't understand what are on their head.

You can't compare bitcoin to gold, bitcoin still can't compare to gold in terms of an inflation hedge or a safe haven, that's true. I have never considered bitcoin a safe haven because of its volatile nature and capitalization cannot guarantee us the same level of safety as gold.
Frankly, many people will object, but as long as bitcoin's volatility remains high, it is more of a speculative asset than a safe haven.

Furthermore, gold is thousands of years old and bitcoin is only 15 years old, we should not ask too much of a child growing up and compare it to an old man like gold. Let's give bitcoin more time to mature and prove to the world that it can be like gold or surpass gold as a safe haven.