Yeah, but the thing about Bitcoin is that the believers are good at waiting out and buying these dips. It's all habitual to them, ritualistic even. It's yet another religion.

The problem with something like Bitcoin is that there is no buyer (or lender to buyers) of last resort. This means that anyone that's even a bit extended has to sell if there's a harsh downturn. Also, there are no Circuit breakers so you can never know where the floor is. So it's sell first and ask questions later which makes the fall even deeper.

A harsh fall is happening now, it happened before and it will happen again after this. But there are just too many believers to have it go away. It might fall to a fraction of a penny but there will always be someone that believes that it will come back. It might never get back to its all time high but I know for sure that it won't go away.

Bitcoin is not like a company that can go bankrupt. Any group of people with computers and internet connections can restart it.