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Is the price of Bitcoin down to zero?
No.
Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.
Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.
Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.
Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.
Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years.
The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.
Did Bitcoin stop working?
No.
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.
Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?
And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.
Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.
As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.
Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.
