laura elley
Contributor
The dreams of Lambos have gone up in smoke for most people now that BTC has dropped below $6K. So we already know the correction is in full effect. But instead of dwelling on that for the moment, let’s start looking to the future and what it holds for the markets. And in this case, i believe there is silver lining if BTC can get back to its peak within a year and why doing so may make it bubble proof in the future.
Throughout the 8 year life of Bitcoin, it has had some major ups and downs as we all know. We had the huge Mt. Gox crash and many others as any veteran of this market will tell you. However, BTC always came back. But what makes it different this time is that all those other crashes and recoveries were not mainstream news. They pretty much happened in secret. Few people even knew what Bitcoin was, and even less knew what the price meant. If anything, when most people heard about a Bitcoin price crash they assumed that’s what it should be doing, since nobody even knew how it had any value to begin with.
However, that has all changed this past year. Pretty much everyone knows what Bitcoin is now, and not only that, a lot of people even own it or at least know someone who does. Its been on the news on a regular basis and even celebrities are talking about it. It’s pretty much a household name at this point.
Everyone has heard about the Bitcoin millionaires and saw the chart where if you bought a few hundred dollars worth a few years ago you would be rich right now. So the idea that Bitcoin can make you rich is pretty much a part of popular culture all around the world. And this is why if Bitcoin can rebound, it will be bubble proof for the next decade since all eyes will be on it when it recovers this time.
The reason being is that if pretty much the whole world sees Bitcoin go from $20K, down to $5K, then back up to $20K in a year, you will have people lining up whenever it crashes again. Pretty much everyone will know that if you missed Bitcoin on the first run up, you can catch the second one. The only real difference is more people will learn to take profits on the way up, and they won’t ride the market all they way down.
Throughout the 8 year life of Bitcoin, it has had some major ups and downs as we all know. We had the huge Mt. Gox crash and many others as any veteran of this market will tell you. However, BTC always came back. But what makes it different this time is that all those other crashes and recoveries were not mainstream news. They pretty much happened in secret. Few people even knew what Bitcoin was, and even less knew what the price meant. If anything, when most people heard about a Bitcoin price crash they assumed that’s what it should be doing, since nobody even knew how it had any value to begin with.
However, that has all changed this past year. Pretty much everyone knows what Bitcoin is now, and not only that, a lot of people even own it or at least know someone who does. Its been on the news on a regular basis and even celebrities are talking about it. It’s pretty much a household name at this point.
Everyone has heard about the Bitcoin millionaires and saw the chart where if you bought a few hundred dollars worth a few years ago you would be rich right now. So the idea that Bitcoin can make you rich is pretty much a part of popular culture all around the world. And this is why if Bitcoin can rebound, it will be bubble proof for the next decade since all eyes will be on it when it recovers this time.
The reason being is that if pretty much the whole world sees Bitcoin go from $20K, down to $5K, then back up to $20K in a year, you will have people lining up whenever it crashes again. Pretty much everyone will know that if you missed Bitcoin on the first run up, you can catch the second one. The only real difference is more people will learn to take profits on the way up, and they won’t ride the market all they way down.
