Quote from: Olamidetechie on April 10, 2025, 09:02:58 PM

Pls don't misunderstand, just an assumption: if Bitcoin were to reach $500 again today, do you think people would still be willing to buy?

If bitcoin falls to $500 from its current price of $80k, that would mean it declined to around 99%. Which is a very worrying number but if we look at history, that would not be the first time. There have been other times where bitcoin came crashing down for more than half of its current price. This one is an example:

_{https://finance.yahoo.com/news/7-biggest-bitcoin-crashes-history-180038282.html}

But we can see that bitcoin still recovered pretty well after that and its decline had a reason which was caused by a particular event in the crypto industry.

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In my opinion, it would have two implications. Firstly, it would likely have ruined many people's investments and life savings, considering those who bought in at $10k, $20k, or even $100k.
Secondly, it would reinforce the skepticism of those who don't trust digital currencies due to their perceived unreliability. So, if it happens, would you still buy it?

It will definitely be a devastating news for everyone because for sure there would be people who would not have taken their money out and instead held on waiting for bitcoin to bounce back but instead they will just lose all their money. I would try to avoid that. I would have probably taken my money out at some point just to save losses but I would still definitely buy if it reached $500 especially if there is an explainable reason why it reached that low. and I think a lot of people would be interested again.