Bitcoin has withstood a lot of turbulence literally. People keep forgetting how much power they have with the decentralized nature of bitcoin. Let me take you down memory lane
In my opinion 2021 is not the greatest bitcoin price crash statistically. Prices of bitcoin has gone down due to all these and yet bitcoin has survived more than a decade. This is the best time to hold tight.
People that have held their coin all these years are having a great time because they went through the storm.
In 2011 bitcoin crashed from $33 to below $1 after MT.GOX collapsed. MT.GOX was the biggest exchange handling lots of bitcoin transactions in the world. On June 2011, the platform was hacked and many users couldn’t find their Bitcoin, but it was irresponsible for the platform not to shut down trading. Due to this, lots of people sold their bitcoin making the price crash from $17 at that moment to below $1. This should be one of the scariest time to be a bitcoin investor.
Silkroad was an online black market where people sold and bought illegal drugs. People use bitcoin as a means of exchange on this platform. In 2013 the FBI shut down the platform and also seized bitcoins worth approximately $3.6m (£2.2m). This made the price of bitcoin to drop from $1100 to $200. The thought of knowing that a currency could be shut down or seized pressured lots of investors into looking for alternative investments.
2017 bitcoin crashed from $20k to $3k during the Altcoin bubble burst. The bubble burst was majorly due to unregulated, malicious ICOs(Initial Coin Offerings).
In 2020 during the coronavirus outbreak and World Lockdown, bitcoin crashed from $8k to $3.9k.