Second reason: if the economic crises will emerge, then Bitcoin falls much more than major stock indexes (just as during corona crises March 2020).
Just like when the COVID-19 pandemic hit, the market has dropped a lot, and it's very low. But it's been tested again when the market has gone through another series of global issu,es and that's with the Russia-Ukraine war. And I think that Bitcoin has survived that. While we cannot be confident to say that it's too high to fall that much, its volatility says that every possible higher and lower price has always been there. With the percentage of how low the prices were from the ATHs like, an 80% - 90% drop. Yeah, numbers could say same but I don't think it will be that low.
I agree that you are right in pointing out that Bitcoin has already proved to be resilient when faced with significant global shocks, but you should also remember that its reaction is not always linked to the same factors, as traditional markets. It plummeted even more than stocks in March 2020, and has since rebounded much quicker, and in the war in Russia Ukraine actually performed better than most people anticipated. That volatility also works both ways because Bitcoin lacks earnings or balance sheets to value the way equities do. It is rather a liquidity, sentiment and adoption trade. So we may not have another 90 percent down like the initial days, but we will always have sharp downturns in the cycle, and likely always will.
You're right, there could be some solid downturns in the cycle. But let's just hope that it won't be as solid as 90% like what he has said. So if something big in the global scene that will turn the markets down, we don't know yet what it could be. It won't be another pandemic, and hopefully not another war. And when that happens, everyone should be prepared for that. If you're a long term guy, no problem and only need to firmly hold until we see the market recovers again. However, there could also be some changes that we won't have to see such painful bears anymore.