Why The Bitcoin Price Doesn’t Matter
“Bear markets are the best time to be alive and in the sector. It’s depressing for those that don’t know what they’re doing, it’s awesome for those that have a longer-term view.” – Simon Dixon
The difference between Bitcoin and everything else is that the price of bitcoin doesn’t matter. Over the long term the price of bitcoin has gone up, yes, but the value proposition of bitcoin as hard, non-confiscatable and truly decentralized money is really what matters. Not the price hype and not the pump. This is why traders and speculators have lost interest in Bitcoin, and continue to flock to the newest pumping decentralized finance (DeFi) or non-fungible token (NFT) project at the drop of a hat. This loss of interest from the speculators is viewed by many as a negative development for Bitcoin, but it is actually a very positive one. What we are seeing now represented in the lower bitcoin price is the value of its actual functional utility and the absence of retail speculation capital that was there before. This article will describe why that’s a good thing.
Since its inception, misguided analysts have described Bitcoin as a Ponzi scheme dependent on continued artificial speculation pumping into the space. As anybody with experience can tell you, speculators are shiny-object chasers by nature and pull out of any position the minute something shinier comes along. Well, the bitcoin “bear market” has arrived and all the speculators are gone. They got bored and…