Why I withdrew my Bitcoin Investment

This post is just simply to have a different perspective on this subreddit. Some may disagree so I am happy to hear your opinion. In late 2020/early 2021 I had the majority of my savings in Bitcoin. I was involved in the altcoin market for a bit as well. I withdrew everything for primarily this reason:

Upon a recession or market drop, I don't believe Bitcoin to be a good hedge and safety net. Although immune from inflation, it's price is still subject to the market. The market will drop along with a recession for the simple reason that it is one of the first things to go on someone struggling to make ends meet. They still need a house, they still need food, they still need gas. When their savings dry up, Bitcoin is the next item to sell. I believe Bitcoin is being invested in quite dramatically by many people not as a savings account, but an attempt to get rich account.

Bitcoin's original purpose was also not as a hedge against inflation but a transactional tool. But even with this it has its issues in high gas fees, total transaction a day etc. The idea that the lightning network can save it seems strange because at that point its not even on the blockchain and the security that everyone loves is no longer in effect.

Finally, privacy. The idea that once someone has your wallet id, they can see all transactions you have made on the blockchain seems like an invasion of privacy.

I am happy to here your responses or questions.

submitted by /u/AceEyeRed
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