Bear Markets Can Still be Fun for those Who Want to Hoard Bitcoin (BTC)

Bear markets can still be fun for those who think long term and not short term.

Michael Saylor:  There are million ways to invest money, but just one way to save money. And that is Bitcoin.  Bitcoin just keeps getting better.

Community Reaction:

If Bitcoin will replace fiat currencies – won’t it have to be affordable and widely available rather than being highly priced and increasingly scarce asset?  If existing money systems are going to crash, how will we buy Bitcoin?

Reportedly, only 3 out of 20 interest rate hike cycles have not ended in a recession. Always keep the macro scenario in mind when conducting analysis on Bitcoin.

Bitcoin’s high correlation continues. Bitcoin down and the NASDAQ down!

BTC closed 9 weeks consecutively in red, something that never happened before in the history of BTC. It just looks like the end of Bitcoin and not the end of the bear market.  Probably, sellers got exhausted over the past 9 weeks.

The LUNA crash accelerated the process of the meltdown of crypto markets. The stable coins FUD and the Ethereum Beacon Chain “reorg” helped to spread fear across investors of any size.

Beyond all such doubts raised believers keep propagating the idea that Bitcoin, as a new monetary system, will replace the old economic system in the future. Many people in the old monetary system can’t accept Bitcoin, wait for time to prove it.  Further the idea of the price target for Bitcoin being 1 million also continues.

Confidence on the network continues.  Bitcoin mining difficulty and harsh rate keeps increasing, making Bitcoin more safe and secure. And the lightning network capacity keeps hitting all-time highs, showing growing commitment in improvement and speed of Bitcoin transaction and low fees. Bitcoin keeps getting better.

Open-minded people were like:  The future is an era of coexistence of centralization and decentralization.  People will choose to develop a powerful side of themselves. So, the greatest value in the future is freedom, and Bitcoin has done it.

Doubters were like:  People parrot the same things about Bitcoin, that it’s not centralized, that it would empower humanity, etc. Do you really think that the establishment would promote something that would undermine their grip on the global financial system?

1) Establishment is not a single entity, but rather a group. Some might find advantageous to adopt it (2) Some establishments might not even fully grasp if BTC is beneficial or not for them.  They would choose to adopt it.