How low would Bitcoin have to crash to be beyond recovery?
How low would Bitcoin have to crash to be beyond recovery?
This just out curiosity and I don’t believe it’s likely that BTC would crash low enough to be basically die, mostly because its come back from the “dead” several times.
But hypothetically speakin, how low do you think BTC would have to crash for all interest in it to shrivel up? As in complete disinterest, absolutely no chance of recovery? Or is it even possible? Would BTC rise back up even if it dropped down to 1 dollar?
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I don’t think it would be the price, but some new innovation like quantum computing that could render cryptography useless.
I don’t think price stability would ruin BTC, and if anything it’s probably a necessity to back the “reserve asset” narrative. I think it would be very healthy for the “moon bois” to move away from the assets that actually have real world applications and stick to the useless stuff like DOGE, SHIB, Safemoon, etc.
Crash won’t kill Bitcoin. Even if it drops to $1 there will be people thinking “what if it goes back up to the ATH?”. Extreme volatility is what keeps Bitcoin (and crypto in general) alive. People that bought BTC for $60k didn’t do it, because they believed it was worth it, they believed it will go to $150k or $1mil. That belief is what keeps BTC alive.
I don’t know about price, but a major hack in the protocol would cause people to lose faith.