Sure, there were still people buying bitcoin at that time but they probably bought it with a gambling mentality rather than because they were investing in it and had strong faith in it. Because going from $1 to $500 is completely different than bitcoin going from $120k to $500. 2 completely opposite trends, one extremely bullish and one extremely bearish as bitcoin lost more than 99% of its value.
But as many have said, this is not going to happen. I also do not believe that a potential asset like Bitcoin can lose 99% of its value like that. This is just an assumption, nothing more.
There's no need to worry about people buying Bitcoin at the price levels mentioned, as this is an investment. It's similar to people buying collectibles that have fantastic value and sometimes don't make sense, but because they understand that investing in this sector is quite profitable, many wealthy people also buy it. Bitcoin is a pretty good asset because of its advantages as a hedge, so more and more people will turn to investing in it.
Losing 99% of its value is impossible and I have no solid reference to say this and if we look at the entry of large institutions and countries that start to consider bitcoin as a reserve, it will strengthen bitcoin to grow much bigger in the future.
If the future prospects of Bitcoin were bad, then companies would never have deposited such a huge amount of Bitcoin, they have done deep research and they believe in the potential of Bitcoin, that is why they are so confident in depositing Bitcoin, companies have no thought of selling any Bitcoin, their only thought is to deposit, and they are continuously buying Bitcoin, look at the countries, over time many countries are reserving Bitcoin, overall the acceptance of Bitcoin is only increasing constantly, so its future is very bright, because the supply of Bitcoin is limited, so if you think about the future prospects, the current position of Bitcoin is definitely very small, so deposit as much Bitcoin as possible, don't think about delaying, invest now and start holding from now.