You probably heard that bitcoin’s price plummeted over the past few days. When you see your bitcoin’s purchasing power suddenly fall, it’s natural to have questions. And the media have every incentive to use this occasion to undermine your confidence. So, we wanted to take a moment to to share why our conviction about bitcoin is stronger than ever.

1. Bitcoin’s price fall comes against a backdrop of a wider market selloff. In fact, the S&P 500 is at its lowest point since October 2021. This is likely related to the Federal Reserve’s discussion about tapering the supply of US dollars.
   
2. Yes, bitcoin’s fundamentals have changed recently – they have gotten stronger. The bitcoin protocol is the same as it always was, which means its value as an immutable form of money remains strong. The number of bitcoin nodes worldwide, which can be considered a measure of bitcoin’s hardness and security, is up about 26% on the year. Hashrate, which represents the amount of resources that people are willing to spend to mine bitcoin, has hit all-time highs in recent weeks.
   
3. Bitcoin encourages long-term thinking. According to a comprehensive CoinGecko report, bitcoin’s 2021 performance bested crude oil, NASDAQ, the S&P 500, and gold. And yet, the number of people who hold bitcoin is still relatively small. Of those, the number who actually understand it is even smaller. If you understand that we are in the midst of a money technology revolution driven by bitcoin, you are still in a small minority of those in the know. We are early, and we are just getting started.

So, should you be worried? That’s up to you – but we aren’t. If you like the logic of the phrase “buy the dip,” then “buy the crash” is even more compelling. And our new Buy Instantly feature is a great way to buy sats on sale.

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