The thing that blows my mind about bitcoin that we should know (but not necessarily everyone else yet)
Bitcoin has dropped over 80% THREE times before this recent “crash”. Parenthesis around the “crash” because is 80% really considered a crash anymore to Bitcoin?
An 80% decrease in other assets would really strike panic in at least US domestic markets if not global markets. Historical crashes are:
1) The Great Depression of the 1930’s hit a total of 86% percent down.
2) The 60’s to the 80’s saw around a 70% stock market crash.
3) The Dot Com Bubble of the 90’s saw a 40% crash.
4) The Sub Prime Mortgage Loan Crisis of 2008 saw a 50% crash....
Bitcoin has seen 80% “crashes”. This is Bitcoin’s fourth rodeo. I’m not sure what other stock (let alone, asset) can withstand 80% “crashes” and come back stronger. The first alternative asset I think of is the AMZN stock which fell 70%~ during the Dot-Com bubble. AMZN fell from $85~ to I roughly $20. Now each AMZN stock is worth roughly $1,725. Amazon did this once.
Bitcoin has done this three times before. This is an anomaly of an asset.
Pairing the A) economic circumstances and social normalization of the word “recession” in 2019, while the B) political environment is looking quite hectic. “Revolutions” are happening in Venezuela, Iran, Hong Kong, India/Bangladesh, multiple African countries... and do we dare forget that C) the federal reserve, not just the US Government, is facing troubling circumstances with BRICS (Brazil, Russia, India, China, South Africa). Russia and China already bypassing the US Dollar taxes in trading with other countries like Iran.
It is quite a blessing to be involved in a wonderful asset like Bitcoin as early as 2019. After tried and tested “crashes”, the entirety of Bitcoin does not collapse like any other stock would. This is not a stock. This is the emergence of a new asset class. That keeps on going and going and going.