In This Event, Did Bitcoin Fail?

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2022-12-07 21:34:43

Market situation

The Friday session of the US stock market continued to fall. The gold market was similar, gold price fell to $1,651/ounce. Oil price also fell to 79 USD/barrel.

Bitcoin price continues to trade around $18,800.

The financial markets are down but the DXY is up. The USD is more valuable than some other foreign currencies. This index increases in favor of the country holding USD.

The British pound has also fallen very low against the USD in the past 10 years.

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Did Bitcoin Fail?

Bitcoin continues to fall in price with the market as it is expected to be a store of value. However, BTC has rallied more than assets before the drop, and to date, the price of BTC is still 201% higher than it was before the outbreak of covid.

Increasing interest rates and squeezing money also causes money to move away from BTC and crypto. If only using the epidemic as a measure of the impact, BTC is still a much better value keeping asset than other assets such as stocks, gold, etc. Gold is considered a long-term haven asset for fiat money. also returned the pre-epidemic price (end of 2020). Besides, real estate in the US is also an asset with a very low decrease compared to other assets.

Over the years, Bitcoin has proven to be a store of value as its long-term price increases. If Bitcoin survives the current economic downturn and enjoys higher growth than other assets, it will attract more investors.

Some people think BTC has no value… but they forget the last 3 words are “for me”. Each person has a different opinion depending on its role and impact on that individual. So instead of asking what the real value of BTC is, ask who BTC is worth.Bitcoin has outstanding advantages over existing assets such as limited quantity, ease of movement, is a decentralized network that helps holders to fully control themselves and move across countries with ease.This is the difference of BTC that is almost impossible for any traditional asset.

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