If Bitcoin goes to 500 dollars, will you buy it?

[Classickitana]

Just a hunch, please: do you think buyers would still be inclined to purchase Bitcoin if it rose to $500 today?  It would have two ramifications, in my opinion.  First of all, if you take into account individuals who invested $10k, $20k, or even $100k, it probably would have destroyed a lot of people's assets and life savings.  Second, it would strengthen people's mistrust of digital currencies because they believe they are unreliable.  In that case, would you still purchase it?

[Zed0X]

Just a hunch, please: do you think buyers would still be inclined to purchase Bitcoin if it rose to $500 today?

Maybe you mean if it dropped to $500.

Although it's highly unlikely, let's assume that it actually happened. One thing I will look at is what could have been the reason it dropped and lost over 99% of its previous value. If there was an exploitor if there was a more powerful that could outperform Bitcoin's POW, then maybe it's not worth buying anymore even at $500.

[LogitechMouse]

Re: If Bitcoin goes to 500 dollars, will you buy it?

Realistically speaking, this will not happen especially now that institutions are coming into play already and slowly accumulating some Bitcoins to add to their balance sheet. I saw this on the other forum so I'll just answer the same here.

Now if for some unknown reasons, Bitcoin went down to $500, the only scenario where I think this will happen is that, there might be another asset that's better than Bitcoin that caught the attention of the investors. That asset is way better that most of the Bitcoin investors, Bitcoin holders, and institutions who are holding their Bitcoin sold all of their holding and bought that asset hence, pushing the price downwards. Of course, we don't know if this will happen, but who knows. TBH, I don't think that if Bitcoin will go down to as low as $500 even if that happens.

We might see a way better asset than Bitcoin in the future, but it's up to the investors and holders still if they will buy it or not.

[TomPluz]

I am with the opinion that generally speaking we know that Bitcoin will not anymore go down to the $500 level and if that can happen there must be something so wrong with the whole world we are living in. Like maybe there can be a global war akin to scenario of a World War 3 where people would sell their Bitcoin as they need more physical cash (now, this is just a possibility because a global war may also mean people would be saving their assets into Bitcoin as a safe haven option). Another case scenario is if USA will ban Bitcoin like what China did years ago. And I also posit the possibility of an alien attack that will be killing billions of people though this is more of a movie than reality. The question is whether I would still buy Bitcoin even if its price has dramatically dived to just $500 from like $80K+ today and the answer is YES but just a little since there is also a possibility that in this case Bitcoin would be already considered to be useless maybe because Quantum Computing has successfully broken its algorithm. Looking back my own history with Bitcoin, $500 was actually the price of Bitcoin when I started to get involved with it. So bad I did not bought so many and I eventually lost what I bought back then. Sad history.

[rby]

If Bitcoin drops to 500$, will it be something to be excited for? Certainly not. That is a very big crash we all should be concerned about. I personally wouldn't trust the system anymore, only altcoins behave this way, Bitcoin has long passed this level. 

[taufik123]

Although that price will never happen, when bitcoin drops to $500 I will still buy it and will buy even more.
Maybe those who bought it above won't believe it anymore, but when I've bought it below and really bottomed, it will be a good opportunity to make a huge profit when Bitcoin confidence recovers and FOMO starts to happen.

As now with Fundamentals not supporting Bitcoin and many end up selling Bitcoin, they start to get scared but this is the right opportunity to buy and start holding long term.

[joniboini]

I don't really like answering questions like this because the context is way too broad, as mentioned. For example, we have to answer what factors would allow this to happen. Is there a world war? Is there a radiation wave that somehow fucks over digital tech which makes them hard to use? Is the algorithm easy to break, and can everyone lose their money easily? Is the world ending tomorrow? Without knowing the reason, I won't decide whether buying at that point is worth it or not. Let's assume those happened, if Bitcoin is still usable as a currency I think it'll just use it as that instead of speculating when my money double or triple after I bought the bottom.

[bayu7adi]

Just a hunch, please: do you think buyers would still be inclined to purchase Bitcoin if it rose to $500 today?  It would have two ramifications, in my opinion.  First of all, if you take into account individuals who invested $10k, $20k, or even $100k, it probably would have destroyed a lot of people's assets and life savings.  Second, it would strengthen people's mistrust of digital currencies because they believe they are unreliable.  In that case, would you still purchase it?

Of course there will still be those who buy, they have other speculations that many of them will easily finish their Bitcoin stock when the price is $500... this is because there are still many people who hope for another shock wave, when the price is cheap then Bitcoin will bounce... yes everyone has that belief....

We know that Bitcoin will be very difficult to fall at that price, so I'm sure that currently many have promised to buy bitcoin as a souvenir if the price drops to $500 or even cheaper... I am very sure that Bitcoin will not be short of enthusiasts when it is that cheap...

[Alone055]

Just a hunch, please: do you think buyers would still be inclined to purchase Bitcoin if it rose to $500 today?  It would have two ramifications, in my opinion.  First of all, if you take into account individuals who invested $10k, $20k, or even $100k, it probably would have destroyed a lot of people's assets and life savings.  Second, it would strengthen people's mistrust of digital currencies because they believe they are unreliable.  In that case, would you still purchase it?

For me, I would say whether I would buy it or not will depend on why it dropped to that point, and the pace at which it dropped. Suppose the reason is something that makes it too risky. In that case, I don't think I would want to waste my money because, in that case, the chances of it recovering and going back up will be extremely tiny. If it dropped too quickly, which means it didn't have any stops, then I don't think it's worth it because there must be something very wrong, and that's why the whole world has dumped their coins, which caused the drop.

That being said, I think no matter what happens, there will always be some traders in the market, maybe new ones who weren't a part of it when it all happened, so they see it as an opportunity to get as much as they can with the hope that they might get good returns if it goes up again because it once had a value above $100k.

[albon]

This momentum will never happen and if the price of bitcoin drops to $500 in the future so many people like me will want to buy more and save. But such an opportunity existed many years ago and those who bought and saved bitcoin then are millionaires today. But you will never get such a moment again, so take advantage of the opportunity you have now. Suppose the price of bitcoin was over $100k but now the price is low so if you want, take advantage of this opportunity and buy and save. Because the popularity of bitcoin is increasing, its price will increase in the future. We wasted a lot of valuable time when the price of bitcoin was low, even though it was beyond our imagination.

[rdluffy]

To be realistic, probably no one would buy BTC at 500 USD
If the price fell to 500 dollars it would be because of a huge flaw, some hack, some security breach and faced with such a situation, no one would buy

Look at the example of OM - Mantra
It has just fallen 90% and no one wants to buy it.

[Z-tight]

That is not going to happen, BTC's value is now way higher than that and it is never going as low as that. Maybe in the event of a world war or an apocalypse, then that is possible and in that scenario, the stock market and everything else will also be wiped out and people would not be thinking about assets in that time.

[debra]

Just a hunch, please: do you think buyers would still be inclined to purchase Bitcoin if it rose to $500 today?

Can you make it clearer? You mean $500 or $500k? If you mean $500, you should say 'drop or decline'. You can't say 'rise or rose'.
However, I'm sure people will still buy BTC whatever the price is. As long as there is big supports from any parties, people won't be doubtful to buy Bitcoin. But if there is no big holders anymore and all governments ban it, people may feel doubt to buy Bitcoin when it drops to $500.

[bayu7adi]

However, I'm sure people will still buy BTC whatever the price is. As long as there is big supports from any parties, people won't be doubtful to buy Bitcoin. But if there is no big holders anymore and all governments ban it, people may feel doubt to buy Bitcoin when it drops to $500.

Some people must have started to doubt BTC, but others must have started to think that it was the best time to buy Bitcoin, because we all know that Bitcoin will not always go to that point... and many believe that the price will bounce back... meaning, there will be people who try to speculate even wilder when the BTC price touches $500... besides its potential to get profits of up to hundreds of percent, they will be stubborn to do that on the grounds of having unused money... so it will be difficult to ban it....

$500 must be the price where there is massive rejection globally... and from the very limited total supply of BTC, fans will be happy to buy it for collection only, with no intention of making it an investment instrument... BTC will still sell on the market

[Jating]

Well if it dropped to that level then for sure it might be that there are no value already. Meaning it's has lost it's thing being as a store of value or money itself. Maybe I would buy and hope that one day it will go up as it will just be a reset. So it's a gamble that I'm willing to take a risk. Maybe that will be the time that we will have 1 Bitcoin or even more in our wallet.  . But to counter the argument, I do not think that Bitcoin is going to fall this low, it's too big already.