QUOTE(ipat88 @ May 17 2023, 06:13 PM)
IMO,
Because the appeal of crypto’s promise to reinvent money has reached its limit in a very niche audience.
TBH, no good reason to buy cryto anymore.
The true purpose cryto was created to served as digital currency,alternative form of payment. But now it become fun investment or gambling with no fixed value, no useful social purpose. Can u use crypto to buy things in supermarkets or Internet right now? U cant. Even tesla backtracked on accepting bitcoin as form of payment. Its so volatile. The way cryto work, the new investors paying out early investors because no actual cash flows are being produced. Sound familiar? Ponzi scheme.
Will Bitcoin ever rise again to its previous heights? Well i think so but be careful as this next rally might be major “bull trap” rather than a “bull run".
Diversified ur investment portfolio my friends, dont go all out on crypto. Cheers
If Bitcoin or Ethereum were real ponzis, they would have died long ago.
Ponzis are centrally controlled scams, but Bitcoin and Ethereum are open standards that anybody in the world can participate, buy or stake in.
1 Bitcoin is still right now still worth around $26,000, which is more than the 2017 bullrun craze of $19,000.
It's not easy to buy good and services directly in Malaysia, but in Argentina and Venezuela, Bitcoin and crypto is more preferred compared to their local currencies.
People don't accept gold for normal day transactions also. You first sell your gold into MYR. Similarly, I would convert the Bitcoin into local MYR first.