Illustration by In Bitcoin We Trust

Bitcoin Is Like a Phoenix That Grows Stronger After Each of Its Obituaries

Bitcoin will recover even stronger from the crisis the world is going through.

Sylvain Saurel
Mar 20 · 5 min read

Everything in life goes very fast. You’re at the top one day, and the next day you may be on the ground surrounded only by your few real friends. Those who admired you the day before, which were just artificial fans, are the same ones who will criticize you unscrupulously the next day.

When you are on the ground, that is when you will realize who your real friends are. The ones who really believe in you.

With Bitcoin, I have a feeling it’s exactly the same thing.

On March 12, 2020, Bitcoin price lost more than 50% of its value from $8K to just under $4K. On some trading platforms, Bitcoin even saw its price drop to around $3.7K.

Bitcoin in the midst of the liquidity crisis.

All opponents of Bitcoin, but even worse, the most recent HODLERS, saw this as proof that Bitcoin had failed in its role as a safe haven. On the social networks, a FUD sentiment has spread, pushing a large number of people to sell their Bitcoins at all costs in a totally illogical way.

Without even trying to understand the global economic environment, and the world situation with the spread of the coronavirus, these people have lost a lot of money. Once again unfortunately.

The Bitcoiners, of which I am a member, have been saying all the time that Bitcoin is here to stay, and that it was created for the situation we are in now, but the non-Believers cannot understand this message.

The reason is simple: to be a true Bitcoiner, you have to reveal yourself in a very strong bear market like the one we experienced on March 12, 2020.

Some people think they are ready because they have bought Bitcoins that they have been keeping for more than 3 months. However, being a HODLER is not difficult when the general sentiment in the market is positive, or when the Bitcoin price is around $10K with no big variations.

The difficulty lies in keeping full confidence in Bitcoin when everyone panics, then deciding to sell when its price drops dramatically as it did on March 12, 2020.

When Bitcoin price reached $3.7K on March 12, 2020, many Bitcoiners appeared on social networks to say that Bitcoin’s situation hadn’t changed.

I was one of them, which led to a number of criticisms from non-believers who thought I was being paid by someone to write about Bitcoin.

The reality is quite different.

No one pays me to share my ultra-positive opinion of Bitcoin. I have total confidence in Bitcoin because I consider Bitcoin to be our best alternative to a monetary and financial system that clearly shows its limitations.

What we own has never stopped being devalued.

In the current crisis we are going through, the decisions taken by the Federal Reserve and other central banks will only accentuate this trend.

Rather than helping the people who really need it, central bankers and politicians are simply trying to save the fiat system by giving more and more money to the banks that are among those primarily responsible for the situation we find ourselves in.

The coronavirus has been the catalyst for the difficult times we are going through, but the current ills in the system that are being exposed have been smouldering for many years now.

In this difficult context, more and more people are beginning to lose faith in the system. Every person who is disappointed in the current monetary and financial system is a potential future user of Bitcoin.

Today is March 20, 2020. For a little over 36 hours, Bitcoin has been back in the green again, as has the entire cryptocurrency market for that matter.

Bitcoin and cryptocurrency market back in green

It’s quite simple, over the last two days, the Bitcoin price has increased by almost 35%:

Bitcoin price has recovered nearly 35% in the last 2 days

This sharp increase in Bitcoin price comes at a time when Wall Street is struggling to respond positively to the Federal Reserve’s monetary stimulus.

As an example, the Dow Jones is finishing the week fairly neutral at around 20,500 points. Gold is up slightly today, but is still down around 2% since the beginning of the week.

Nevertheless, it is proof once again, if proof were needed, that Bitcoin is not going to die simply because its price loses 50% in a few hours as it did on March 12, 2020.

The high volatility of the Bitcoin price is precisely a choice assumed by its creator. Because Bitcoin belongs to everyone, its network works all the time. It is up to its users to find its equilibrium price during the exchanges that take place.

Since its creation, Bitcoin has been announced as dead 380 times. Each time, Bitcoin has risen even stronger.

Bitcoiners who saw the drop in price as an exceptional opportunity to accumulate more Bitcoin will obviously be the first to benefit.

For your part, it’s not too late yet. Nevertheless, you should try to understand how Bitcoin works, and above all that the total paradigm shift it offers is your best chance to opt-out of the current system.

Once you understand this, you will join the ranks of those who totally believe in Bitcoin. Then you will understand that Bitcoin is like a phoenix that always rises from its ashes, and always comes back stronger.

This time again, Bitcoin will continue to prove it.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

Sylvain Saurel

Written by

Entrepreneur / Developer / Blogger / Author. In Bitcoin We Trust: https://www.inbitcoinwetrust.net

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

More From Medium

More from In Bitcoin We Trust

More from In Bitcoin We Trust

More from In Bitcoin We Trust

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade