A few days ago, I posted a tweet in which I explained that if you still think that the price of Bitcoin is the most exciting thing about Bitcoin, then that means you don't understand the why of Bitcoin.
I paired that tweet with this visual illustration to better get my point across:
I didn't know it yet, but it would bring up the old debate among some of my followers about whether the short-term price of Bitcoin matters or not.
Reading the various exchanges and messages, I thought it would be interesting to clarify my view. Just to advance the debate and discussion with you to know your point of view.
First of all, you should know that I don't think that the price of Bitcoin, even in the short term, is irrelevant. That's why I do regular updates on the price of Bitcoin. It's a request from my readers, and it's also always interesting to study the price action of Bitcoin.
Even though I am a Bitcoin HODLer of last resort, I like to study this part of the Bitcoin market. So why not share my thoughts and opinions on the subject with others?
That being said, the price of Bitcoin matters for at least 4 main reasons in my eyes.
1. When the price of Bitcoin increases, the adoption of Bitcoin accelerates, as we enter the Bitcoin Positive Feedback Loop
If you have understood the why of Bitcoin, a Bullish Market with a sharp increase in the price of Bitcoin will not change anything for you, but you must think in terms of adoption.
Many people will come to Bitcoin initially attracted by the financial appeal. It is then that they will dig deeper for some to have a chance to understand the why of Bitcoin.
For that reason alone, talking about the price of Bitcoin is a good thing. You all know the same reminder that Bitcoin is a NgU technology. I talk about it in my book “The Truth About Bitcoin.”
These types of memes are important in promoting the adoption of Bitcoin because Bitcoin has no dedicated marketing team. These types of messages that appear in the media will reach a wider audience.
So this is important to some extent.
2. When the price of Bitcoin falls, it gives a chance to new entrants to take advantage of the Bitcoin revolution
During the previous Bitcoin bull market, the Bitcoin price reached an ATH of $69K in November 2021. Many people thought they had missed the train of the Bitcoin revolution. I kept saying there would be major corrections in the future because everything goes in cycles for the price of Bitcoin.
Some people found this hard to believe, but I was proven right. Not that I am someone with a crystal ball, but simply because the past has taught us that.
So never complain and always be on the lookout. Opportunities will still present themselves to you. However, you must know how to seize them. Today, many people who lamented not buying Bitcoin when it was at $69K are not taking action when the price of Bitcoin is still below $30K.
These Bitcoin price drops are important to attract new entrants, but sooner or later, you have to take the plunge. Some will never make it or at much higher prices.
But as we say in the Bitcoin world: everyone pays the price they deserve for their Bitcoin.
3. When the price of Bitcoin rises in fiat currency, goods and services see their price fall in standard Bitcoin
This is an interesting thing to note. When the price of Bitcoin appreciates, the price of goods and services within the standard Bitcoin falls. This a good reminder of why every Satoshi accumulated today will matter in the future.
In the early days of Bitcoin, some services offered you up to 10 BTC to discover Bitcoin. Some people didn't take advantage of this, thinking that Bitcoin would never become so successful.
Today, it's the same with services that allow you to get Satoshis for free. Currently, you need between 3,500 and 4,000 Satoshis to get one American dollar. You may think that accumulating Satoshis is pointless.
It would be like making the same mistake as those who did not accumulate Bitcoin for free in the early 2010s...
The key is to stay humble and to accumulate every Satoshi you can. Think about the future and what is in store for Bitcoin in the years to come.
An example of a service where you can get Satoshis and spend them? Stacker News!
This service allows you to find quality information about Bitcoin and the economy and is made up mainly of Bitcoiners. Why not try Stacker news by following my affiliate link:
4. Studying the price action of Bitcoin is something extremely interesting
As I said in the preamble, studying the Bitcoin stock price in the short term doesn't mean you have to play trader. You can do it simply to discover an interesting area. You can do it to increase your knowledge of how the financial markets work beyond the Bitcoin market.
It goes from the stock market to the derivatives market to the gold market to the other commodity markets.
So, I'm a Bitcoin HODLer, but I analyze the price of Bitcoin and other financial markets fairly regularly. I am interested in this, and it allows me to exchange with my readers and other people interested in this topic.
Final Thoughts
After what I just told you, I maintain that the price of Bitcoin is not the most exciting thing in the Bitcoin world. The impacts of the Bitcoin revolution on the world today and tomorrow are much more exciting to study. However, the price of Bitcoin does matter in terms of getting new people interested in the Bitcoin system. This should not be overlooked, as it is part of a kind of marketing that benefits Bitcoin adoption.
On the other hand, once you understand the why of Bitcoin, you will do as I and other Bitcoiners do, you will be interested in the price of Bitcoin, but it will not change your strategy with Bitcoin.
Your interest in Bitcoin is long-term, so studying the price of Bitcoin should only be done for the sake of discovering how this market works, not to take foolish risks that would jeopardize your adventure with the Bitcoin revolution.
The Resistance at $28.2K Is Broken. What’s Next for Bitcoin Price? The 3 Things to Watch for Before March 2023 Ends.
The last hope of the Bears? the resistance at $28.7K in weekly ...
Link: https://inbitcoinwetrust.substack.com/p/the-resistance-at-282k-is-broken
Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.
That's what I suggest you do in the book “The Truth About Bitcoin: Everything you need to build your truth about Bitcoin and stop trusting others without verifying.”
The book is available on various platforms:
-
In P2P mode in PDF format or EPUB format with payment in BTC (-20% if you buy in Bitcoin): contact me by email at [email protected]
