Does Falling Bitcoin Prices Mean A Buying Opportunity?

People were freaking out when Bitcoin dropped below $300. Today, January 14, 2015, Bitcoin is currently sitting at $179 leaving many scurrying to sell Bitcoins in an attempt to salvage what money they have left. Is the panic justified however, or is this truly a buying opportunity?

Many people first got into Bitcoin not because they believed in or appreciated the technology or even because they saw a bright future for Bitcoin, but because they hoped to make an overnight windfall. Nothing wrong with that, more power to you, but it's those people who are getting flushed out of the system with these falling prices.

If you read the comments on articles featured on Forbes or CNBC the prevailing attitude seems to be that Bitcoin is crashing and let's all laugh at the suckers trying to get out. Among those in the Bitcoin community however, though there is some concern, many people, myself included are looking at this as a buying opportunity.

For the past few months, anytime Bitcoin drops below $300 I try to pickup a few BTC. When I saw Bitcoin down to $221 last night I maxed out my Coinbase daily limit and bought some more. I think Bitcoin could see the $160's however I'm confident in the next 90 days we'll see Bitcoin back up over $300.

Personally I'm looking at this as a buying opportunity. This whole Bitcoin situation were seeing right now reminds me of a famous Warren Buffet quote... "Be fearful when others are greedy and greedy when others are fearful."