I would disagree. BTC on average has increased 200% since it's inception. I feel like the one thing you are missing is that you only see BTC in terms of the current fiat system. I'd like to propose you an idea... what if BTC becomes the reserve currency or part of the new system? What if everyone adopts BTC and the world runs on a Bitcoin standard? In human history, the rise of Gold was never recorded. Did it have the same volatility before it became the standard unit of account? Surely it must have while people had to change their former perceptions of what is "money". Throughout time as more people accepted it as a form of "money", people's perceptions changed. BTC is the hardest form of money humankind has seen and has all the properties that make it better than gold. I personally believe my grandkids will be complaining to me that BTC is slow and uninteresting just like gold is now. Just imagine before Gold....the volatility of seashells or livestock compared to Gold. Before Gold was accepted universally- there must have been humans who did not have access to (libraries/internet) to even have the idea that a piece of shiny rock can be worth trading all their sheep/produce for. And surely there must have been resistance to the idea just like there is now. But once it "clicked" and the smart people started shifting their wealth, sooner or later it becomes the hardest form of money people trust to trade with one another. As Paul Tudor Jones has said before, BTC is "A Great Speculation" But it's also betting on human ingenuity. And I for one, believe in price action being truth as well as human ingenuity.
That ain't happening. And when the stock market takes a dive, all those institutions will start to cash out, tanking the "store of value".
1. Nope. BTC itself isn't, cryptos would be if users were keep switching always to the best (most practical/usable, newly advanced, most features) crypto. But that isn't happening because everyone is in it for the MONEY at this time and sticking to this obsolete unusable piece of shit. 2. Price action is not truth. Check out the late 90s valuation of brand new tech companies. Was that the truth? Hell no, it was just a mania. Was GME's valuation at almost 500 the truth? No, just a short squeeze.
Ain't gonna happen. Governments need control. I don't like all the money printing by the FED, but honestly, we in the first world enjoy lots of benefits of centralized government. If you leave corporations with all the money, since lots of them are buying it up now, where does that really leave us? Elon probably doesn't even want to pay his workers if he didn't have to!
Maybe for a liquidation trade initially, but ultimately the Fed will have to print more. Causing more flight to BTC/Gold.
Well 1. Gary Gensler is the SEC chairman nominee under Biden- who used to teach MIT classes regarding crypto. 2. If the USA bans bitcoin, in terms of game theory concept- it will make us noncompetitive against rest of the countries that adopt it. 3. The whole concept of bitcoin is to say enough is enough. The current system is NOT WORKING. Do you see the wealth gap in society? By having a hard money system, it will limit government's power or say have the financial system KEEP governments in CHECK.
Everyone is in the markets for "the money" but if you understand anything about the reflation trade- it's also to preserve wealth when governments are destructing the value we traded our time for. Regarding #2, no shit- that's obvious. I even timed the GME short perfectly. Anything irrational will have the natural market forces correct down to what it should be. But guess what, BTC is in a bull market. Technicals and fundamentals are there.