This is correct, but let’s keep in mind there are three types of Bitcoin people:

- Bitcoin tourists: those who think they can buy low, sell high, and somehow beat the market.

- Bitcoin day traders: the worst type.

- Bitcoin HODLers.

The crashes you talk about will hit the first two types much harder. For us, as HODLers, we’re immune to 50-60% drawdowns. I thank the universe when that happens.