Boy howdy, this must suck for people who think of bitcoin as something to throw in an ETF.
Seriously, though, aside from Schiff just being Schiff and NGU being it's own bad thing, yes, btc falling that much would have an obvious short-term impact on btc's buying power, but I also don't see things getting anywhere that extreme. But Schiff's ranting can be entertaining, at least.
so, up only?
Fingers crossed
I wouldn't hope for prices that low without some sort of exogenous event like the 2020 covid shock. That would be very destructive to Bitcoin's narrative as anything other than a speculative asset and I think it would take a very long time for trust to be rebuilt outside of anyone who is a hardcore Bitcoiner. Also, it would put immense pressure on miners, hashrate would likely drop significantly and we will end up with security budget FUD and infighting over the 21M cap.
It would put pressure on miners.... However the difficult target would adjust
That can take a while, if the crash is downward.
What if it's a transitory liquidity crunch?
That's an improvement because last bear market he said it was going to zero.
By his standards, he's now bullish on bitcoin.
It sounds counterintuitive... But I would rather it go down I can buy it for cheaper.
I just bought dinner with sats after finishing work, from my own node noncustodial of course.
Lightning works well and the tools to use it are improving all the time... So well now that bots can use lightning (cough cough) and they do. The more it goes down the cheaper to buy and the more we discover who really appreciates bitcoin and who doesn't.