If BTC can fix it's problems in order to be an actually useful currency:
- Transaction Fees
- Transaction Times
- Open / Surveillance Blockchain
- ASIC's Centralizing the Mining
Then maybe. But that's an impossible ask. Right now bitcoin is really just an institutional investors FOMO pump. The people buying bitcoin right now are not using it to transact, like they were in the old days. People are using it as a "Store of value" which really doesn't make any sense.
Bitcoin, like most cryptocurrencies, isn't backed by anything. There is no inherent value, thus its only value is in its utility to transact as a currency. When bitcoin was in the early days, when it was mainly used only on the dark web and it was the first mover in the space, it had lots of utility compared to the competition (credit cards and wire transfers). But now that privacy coins exist, and the flaws of the bitcoin blockchain are being exponentially worsened (transaction fees / times getting worse, and chain-analysis becoming standard for both governments and exchanges making bitcoin even less private than USD) it has very little if any utility.
Thus, bitcoin really has very little value, the only reason it is still priced so high is because the institutional investors and people buying crypto are not using it to trasnact, and don't really understand anything about it other than "number go up".
Originally Posted by Allura
