There are two types of people who buy bitcoin, one believes in bitcoin, and the other is just speculating.
In each round of bulls and bears, the first type of people made the bottom of the bear market, and the second type of people supported the peak of the bull market carnival.
Looking at now, this year Bitcoin has dropped from 69,000 to 17,000, most of the speculators have left the market, and those who continue to buy Bitcoin, you can hardly say that he has no faith in Bitcoin. Besides true fans, who would buy something that plummeted by 85% in one year, which everyone generally thinks is a pyramid scheme?
Let's take a look at the data. Bitcoin was born in January 2009, and there is still a month and a full 10 years. The price of each round of bubbles is as follows.
It's not hard to find: Each bear market has a much higher low than the previous one.
From this, it can be considered that more and more people have faith in Bitcoin.
Looking at it this way, you may be able to accept the idea that Bitcoin's value is determined by the number of people who believe in it, not by the number of people who don't like it.
I don’t know if you have ever thought about why Bitcoin always makes new highs? My own understanding is that the irreversibility of cognitive processes will only lead to more and more believers in Bitcoin.
Unlike all Ponzi schemes, everything about Bitcoin is open and transparent. All the rules of Bitcoin are written in the white paper. As long as someone is willing to read and understand it, the number of believers in Bitcoin will increase.