Bitcoin has failed. It was touted as digital gold, as an inflation hedge, i.e., a way to store the buying power of past earnings.
BTC is merely a device mostly to buy and sell illegal drugs and prostitution tricks along with some time-insensitive transactions in countries with even worse inflation policies than the Federal Reserve.
The 7-Nov-2021 peak was $67,566.83. BTC is now down -68.9%! If It were an inflation hedge, it would be rising after every release of CPI report by the Bureau of Labor Statistics. Rounded up, that is a 70% drop in only 218 days or roughly 6/10ths of a year!
A comparable drop over the next 218 days would get the price down to $6,530.
Back on 8-April-2022, I wrote that Bitcoin was massively overpriced at its price of $43,356.26, which was more than double where it is today (See: Bitcoin (BTC) is Massively Over-Priced in 2022. BTC Still is Not Digital Gold. Where is the Ukraine-Russia War Premium? The Speculation Range for Bitcoin). In the article, I gave you readers a price closer to $4,367.62, as a realistic price for BTC and a trading range to watch for buy and sell signals.
Blockchain tech has a future in commerce. The digital representation of property, i.e., the right of ownership, in uniform, graded things, which then can be traded on organized exchanges, makes sense.
Yet, unless there would be worldwide government collapses and the end of commercial banking with their respective protectorates, central banks, there is little reason for cryptocurrencies, except for illegal activities.
Any worldwide collapse where Bitcoin prevails must be predicated upon electricity still being generated and firms that provide the Internet still running. That seems unlikely, except, perhaps for Elon Musk's Starlink. Individuals still would need to generate their own electricity to power their own computing equipment and Musk's Starlink would still need to generate electricity to power data centers that operate the Starlink system.
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