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bitcoin not for everyone

Why Bitcoin Is No Longer For Everyone

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

This week, Bitcoin crashed by 50%. Videos spread across TikTok and Twitter of college age men crying as the money that was supposed to go toward tuition was instead evaporated. The market is in chaos. Yet this is nothing for the cryptocurrency asset class.

Here’s why the crash was so impactful despite the percentages themselves being a walk in the park in Bitcoin terms, and why the first ever cryptocurrency is no longer for everyone.

Satoshi’s Vision For Inclusion Is Being Muddied By Scarcity

Satoshi Nakamoto‘s vision for the first ever form of peer-to-peer digital cash was ambitious. He, she, or they sought to create a technology that allowed everyone and anyone to be their own bank – without the need for an intermediary.

The goal was to remove the government and central bank’s influence over money. Satoshi also aimed to make Bitcoin scarce and collectible, instilling certain attributes of digital gold.

Related Reading | Guggenheim CIO Compares Crypto To Tulips, Why He May Not Be Wrong

Somehow they also designed the halving to cause a bubble-effect due to the imbalance of supply and demand that would suck participants into the network with each new wave.

And it is all working, even without the creator themselves still around to support it. However, one positive aspect of the coin is now working against another, making Bitcoin not as much for everyone these days as it once was.

bitcoin drawdowns historically

The recent wipeout was nothing compared to the past percentage-wise | Source: BTCUSD on TradingView.com

Why Bitcoin Might No Longer Be For Everyone

Bitcoin price drops have been far more severe in the past on a percentage basis, but dollar for dollar, this is the worst ever.

Satoshi made the cryptocurrency scarce, with a supply of only 21 million BTC and far less in circulation. As the network effect and each bubble phase sucks in more users, the price per coin rises in a dramatic fashion.

As price discovery takes place and the coin is repriced higher forever more, it also means that corrections get far more dangerous on a dollar per dollar basis.

Back in the day when Bitcoin was only a few hundred dollars per coin, losing a couple hundred per coin hurt, but didn’t break the bank. It wasn’t until the peak of the 2017 bull market when corrections got especially nasty, dropping from by $14,000 from the high in 2017 to the first major 2018 low just a month or two later.

https://twitter.com/akhmatovali/status/1395193487369277444?s=12

The fall was a full 70% in just days – but still not the worst that Bitcoin has seen. Neither was the most recent selloff percentage wise. In fact, it was one of the smallest comparatively.

However, because of just how expensive each coin is today, the drop did far more damage on a dollar per dollar basis, wiping out $28,000 per BTC.

Withstanding losses of this magnitude might not be something individual investors can handle at current prices, and even one crash could leave someone bankrupt.

Related Reading | SEC Warns Investors Of “Highly Speculative” Bitcoin Risk

At these high prices, Bitcoin is sadly no longer for everyone. Institutions have come into crypto as the community always wanted, but now the asset class is theirs. That type of investors has a much longer investment horizon, and can withstand enormous drawdowns without a second thought.

Unless you can do the same, Bitcoin might no longer be for you.

Featured image from iStockPhotos, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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