Since Bitcoin just dropped under its July 21 low, there are many newcomers who are scared about its decline and potential failure. Hence, this is just a quick post to set things in perspective.

During times where the BTC price is significantly declining, the voices of its failure becomes louder and a common phrase goes like “Bitcoin doesn’t have a future, but blockchain technology does.” Probably the blockchain technology has some other applicable use-cases, but the predominant one is money! And Bitcoin is the perfect manifestation of that.

I have been closely following all of the blockchain-developments since early 2013. I have seen a lot of things come and go and I have also witnessed how Bitcoin has become stronger and stronger throughout all of it. It has grown like a hydra. Whereas other projects came and died, Bitcoin proved its antifragility over time. With every head that was chopped off, two new heads grew out of it.
So let’s zoom out a bit and look at the long-term track record:

While substantial price declines can be painful and dangerous for over-leveraged entities, it does not change anything about the long-term destination. As long as the blocks keep coming every 10 minutes and the network keeps growing, there is nothing to fundamentally worry about Bitcoins future.