Peter Schiff predicts Bitcoin will fall to $10,000.
If that happens, I would agree that Bitcoin is dead. Why?
Bitcoin is a network of people. Over time, more and more people understand the concept and choose to participate. At the same time, many people invest in Bitcoin purely to get more fiat. They drop out during bear markets and often lose fiat as well. But those who truly understand it keep going — they continue to save in Bitcoin and invest time in understanding it even better.
That is why the power law, and especially the bottom price, works so well. It is simply the result of how many people are dedicated to the network and understand what this is really about.
Today, the bottom price is $50,215. Historically, Bitcoin has never traded below this power‑law bottom. Will the price go down to that level? Unlikely — but never below it. There are simply too many dedicated Bitcoiners for that.
https://charts.bitbo.io/long-term-power-law/
