That is pretty much what happened to blue-chip FAANG stocks like Nutflix. Did you predict that too in your Pelosi-crystal-ball? Ironically, BTC has returned exponentially more than Nasdaq blue-chips, despite down 80%
Bitcoin volatility is not out of line with its historic norm. The emotions that bitcoin brings out in people is interesting. Bitcoin simply is. Anyone making an emotional argument to explain why Bitcoin can't go higher or lower has no understanding of what happened over the last 10 years with crypto.
Why on earth did govts all over the world allow this fake money to even exist? Many people have been scammed. Look at the charts of all the cryptos. All look like they're going to zero. BTC ETH DOGECOIN CARDANO SOLANA.
I remember people I knew who were buying Nortel stock as the price was plummeting, get "bargain" prices hand over fist. It, too, was filled with air; I know because I reviewed their financials.
Many people made money on Beer cans, Pet Rocks, Beanie babies, Belt buckles, Cabbage Patch kids, Swatches etc through the years. If you bought early and sold at the top, you made a profit. But truly, Crypto's, where is underlying value? Other than Drug lord's and Arm's dealers transferring funds, those who got in early and out made a profit. And through the graces of Futures/options being short and options to hedge is heaven. Smell biggest scam in USA history unless you got in early.