There was ~20 years of it not doing much. Then ~10 years post-GFC of it not doing much. A lot of folks are looking at headlines and making long-term conclusions that certain things are inevitable:
> ...which is why its not gonna plunge anymore. too many people have "seen" the pattern now […]
And how many times has the 'stock market plunging pattern' have we seen? Does that prevent people from panicking? As someone who has been in /r/PersonalFinanceCanada for many years now, the panicked posts of March-April 2020 were very real.
There is an entire field of study examining how people act badly when it comes to money:
thats true, but you say that - bitcoin maxis are probably hoping and praying that you're right, that there'll be a free-fall - just so they can buy even more of the damn things LOL
gosh what a clown world, this stuff is so ridiculous.
So far.
It took gold, another popular 'store of value' commodity, several decades to reach its previous peak originally reached in 1980 (blue line):
* https://graphics.thomsonreuters.com/11/07/CMD_GLDNFLT0711_VF...
There was ~20 years of it not doing much. Then ~10 years post-GFC of it not doing much. A lot of folks are looking at headlines and making long-term conclusions that certain things are inevitable:
* https://en.wikipedia.org/wiki/Recency_bias
> ...which is why its not gonna plunge anymore. too many people have "seen" the pattern now […]
And how many times has the 'stock market plunging pattern' have we seen? Does that prevent people from panicking? As someone who has been in /r/PersonalFinanceCanada for many years now, the panicked posts of March-April 2020 were very real.
There is an entire field of study examining how people act badly when it comes to money:
* https://en.wikipedia.org/wiki/Behavioral_economics
People still think they can pick winning stocks and beat the market consistently over the long-term:
* https://en.wikipedia.org/wiki/A_Random_Walk_Down_Wall_Street