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"This drawdown feels terrible not due to its size, but because it seems unjust," stated longtime bitcoin advocate Samson Mow.
What individuals are expressing as bitcoin declines (Eva Blue/Unsplash)
Key points:
- As bitcoin fell below $70,000 and subsequently through $68,000, here’s what some experienced market observers are sharing.
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"Is this your first time?"
For those new to bitcoin , the recent downturn might seem surprising. Many thought they were entering the market early last October when BTC reached a new peak of $126,000, spurred by optimistic statements from the Trump administration, Wall Street’s growing acceptance, and predictions of a forthcoming $1 million per coin.
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However, what started as profit-taking escalated into mandatory liquidations. The expected advancement of the Clarity Act stalled, resulting in ongoing regulatory ambiguity in the market, while the AI surge and a rally in metals diverted investor focus (and funds) from crypto.
After dipping below $70,000 earlier on Thursday, bitcoin has plummeted 45% in under four months, possibly causing some to entirely lose confidence in the enduring worth of digital assets.
Here’s what some long-term investors have to say about the current turmoil:
Entrepreneur and former Coinbase CTO Balaji Srinivasan:
“I have never been more optimistic about crypto," Balaji expressed on Thursday. "Because the rules-based system is collapsing and the code-based system is emerging. Therefore, short-term pricing is insignificant.”
"As international law deteriorates, we will require not just on-chain currencies, but on-chain companies as well," he added. "As the post-war framework crumbles, we’ll similarly need a post-internet landscape. Governments will fail, and the network will take their role.”
"We require internet capitalism, internet democracy, and internet privacy. Thus, cryptocurrency is essential.”
Samson Mow, CEO of bitcoin technology firm Jan3:
“This downturn is distressing not due to its scale, but because it seems unjust," Mow noted. "Everything else is rising, yet we remain stagnant. Concerns over the AI bubble? We fall. Metals decline? We fall as well.”
"Nevertheless, genuine scarcity is tangible and it will reach a threshold. We cannot be pushed down indefinitely.”
Bob Loukas, market analyst:
“Each cycle feels unique, yet it never truly is," Loukas remarked.
You generate real profit on paper and presume it’s permanent. Then you experience a reversal and vow you’re done for good.
"Regarding our current position. Stocks haven’t broadly declined, although signs of weakness are appearing. We’re still in a bullish trend, yet also in a “be cautious” phase, and declines may no longer present opportunities.”
"For crypto, the devastation is substantial, but it can worsen significantly. We have moved beyond the exit stage, but that doesn’t imply you can’t sell to survive another day. If you find yourself stuck with assets, relieve yourself of this burden and sell. A worthless token isn’t inexpensive because it has declined by 60%.”
"This does not pertain to spot bitcoin; you wouldn’t sell that 44% off peaks, even while anticipating much lower levels in 2026.”
Jim Bianco, market analyst:
“Crypto is founded on the principle of being permissionless; it’s intended to be a disruptive influence on traditional finance. I support this mission. In many respects, traditional finance requires disruption."
"This is why I opposed the **TradFi / Boomer Adoption** narrative. Seeking approval from Larry Fink, Jay Powell (or Donald Trump) contradicts everything crypto is meant to represent. Fortunately, this narrative of “seeking approval” diminished in November 2024.”
"The next phase won’t arise from more executives endorsing bitcoin and instructing traditional finance to invest.”
"Stop justifying why Boomers aren’t selling or will reinvest. Focus on constructing the alternative financial system. Remove it from BlackRock, rather than waiting for their endorsement. If this is achieved, bitcoin could reach $1 million. Until that happens, the downturn will persist.”
