Loading ...People buy Bitcoin for different reasons initially a store of value like a digital gold, and or both away from the control and manipulation of other people. Also lack of trust that fiat is reliable. Not being able to dilute. Then with governments talk about eliminating cash basically people confiscating your money and privacy have a alternative away from their control and inevitable rising charges to hold it.
Rising interest rates may have something to do with following the money in the case the USD not caring too much yet for the other reasons then the selling may have cause panic selling. Others won’t be lured away, they’ll just buy more. Elon was accepting Bitcoin for cars but stoped after awhile.Eventually some of the get in cheap lure copycats or not trusted and secured or even coin or fiat related usefulness in trade off shoots would fail.
Some of the arguments are humorous. Like those who say the dollar is not backed by anything like gold, but either is Bitcoin and gold backs itself.
Gold is too expensive lol, That might have been true when Bitcoin was 3-10 dollars but now it’s the potential worth although you can’t take physical possession of it or prevent it from being hacked easily or easily exchange it and costs domestically or world wide like you can gold or if there is a power out you can’t use it. Some have both.