The no-coiners and alt-coiners come out in force on the day of a world wide economic collapse that is still on-going and will prove to be a major event for the history books.
They are desperate for events they can point at to make them feel smart and have ‘proof’ they were right all along. Most of the days they feel terrible since these events are scarcer than Bitcoin itself. They have the peak of the bubble of 2017 and now the huge dip of 2020, the start of the big economic collapse.
Ignore the noise. They either have an altcoin they need to pump 500% to recover their losses or they need that itchy feeling to go away telling them Bitcoin might come back stronger than ever to prove them wrong.
Bitcoin is still on track to be the best performing bearer asset the world has ever seen. It has a predictable monetary policy with a provable scarcity. Right now 1800 BTC is created daily through the block rewards. In 4 years time, after the next two halvings, this has become 450 BTC daily. By then it has a higher stock to flow than gold and it is the world most scarce bearer asset. And on top of that it is easily divisible and transferred digitally.
Yes, Bitcoin took a massive dump (altcoins even worse!) but even gold went down over 4%. You would think that the only real SoV would skyrocket in times like these, but the alt-and nocoiners of Reddit have decided that -4% is not a problem for a SoV, but Bitcoin needs to only rise in value every day.
This is nonsense. Ofcourse crypto took a much bigger dump, but that is because it is still a very risk asset and those tend to be sold off first in times of crisis.
Let’s look at the yearly lows of Bifcoin:
2012: $4 2013: $65 2014: $200 2015: $185 2016: $365 2017: $780 2018: $3,200 2019: $3,360 2020: around $3,900 so far.
Bitcoin is only 11 years old. Gold has been used for thousands of years, is widely accepted as a SoV and even gold lost 4% in value. Just wait how central banks will need to print trillions of dollars and how everyones fiat will be debased significantly. Gold as it’s age as a positive property, but Bitcoins potential is much bigger.
Bitcoin only needs to keep grinding block after block. You only need to stay calm and ignore the noise.
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