The great Bitcoin shakeoff (weak hands)... Bitcoin will prosper.

Disclaimer: My opinion of course. Sold some at $2400 and re-brought at $1907. I'm in holding mode now.

It could go lower but the risk/reward ratio is better on the upside and I think this is a good time to start averaging into BTC. If you have long term conviction for any asset, objective is to add to position during times of doubt and uncertainty for best pricing. Historically, Bitcoin has had many periods of doubt and uncertainty, its resiliency has consistently been underestimated by the market. While upcoming situation has me relatively concerned, I’m inclined to bet that the market is once-again underestimating BTC’s resiliency. That said, I'm not sure whether this is the short term bottom, hence "averaging-in", but future outlook is unchanged:

-Every metric (coinbase 1million new users/month, localbitcoin data, hashrate, transaction count, new wallet addresses) showing signs of massive continued growth.

-Japan, Switzerland, Korea, India, and Australia embracing and regulating bitcoin, building easy access for citizens and lots of merchants rolling out with tech to easily accept bitcoin payments. Japan alone with 100K+ stores to start accepting bitcoin this summer. Trend will only continue to grow as bitcoin becomes more efficient (segwit, lightning network, rootstock, schnorr signature) and as more people acquire bitcoi (see point one).

-THERE ARE ONLY 21M COINS! Even less considering all the lost coins, the strong hodler/maximilist coins, Satoshi coins, etc... people don't understand how limited the supply is. For something that has survived 10 years and has only been gaining popularity. With there growth there is little reason for the price to remain at this level in the years ahead. Not another 15 million people in this world can't even buy 1 whole bitcoin.

-Scaling debate fears overblown imo, judging by the panic this seems like the perfect shakeoff opportunity. Both parties that hold the key to ending the scaling debate have incentive for higher priced BTC. Miners aren't stupid enough to split bitcoin. Expecting segwit activation and no chain split. Once this is resolved the sky is the limit. Buy the rumor and sell the news right?

Why is bitcoin unique? Bitcoin has no face or centralized foundation that can change the protocol at will (hence why scaling took so long). Bitcoin is a true commodity, strong liquidity, strong security, strong community, strong developers, strong network and getting less volatile as it grows. It's not going anywhere, and doesn't have to be #1 in volume for its price to go well beyond the thousands.