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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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Technology
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Bitcoin is still around 30k a pop, so I wouldn't say it's dead yet. But I foresee a big crash in the months or years to come: the hype has passed, and the real uses of crypto are very few. It's also not a good investment since the expected returns are 0. Once people finally realize that, I see the price falling to 1k or even less.
You know that this was being said multiple times in the last 10 years?
I was there when it hit $50 and said that the bubble has to pop soon, so at what time are we accepting crypto coins as just an alternative if you want to gamble?
People have realized it, and they don't seem to care.
Every time there is a market correction, the prices fall such that more folks can buy in. Folks might not be able to buy in right now at $29kus, but if and when the price falls back to $25kus at some point the price point might be more conducive.
That's the same thing with gold though. There are other reasons to invest in something than just returns. Some folks want something to maintain its value. Bitcoin being deflationary is supposed to be a good hedge against inflation. (But it's far to volatile to really serve that purpose in my opinion.)
Well, gold has the added benefit that it has served this purpose for thousands of years.
Would you really count on an extremely complex electronic currency requiring a distributed array of machines to get you through a major crisis?
You mistake me, I'm not saying Bitcoin is better than gold. I was just pointing out that returns are not the only reason.