I can't predict when this garbage explodes, but i'll at least have the majority of the money out or all of it. If i'm wrong, i'm wrong, but all of this is fishy as fuck.
Defi loans, using your crypto as collateral to buy more crypto, tether printing off the charts. Most people don't care though, they see number go up and ignore the noise.
I think you underestimate just how mighty 'fragile' sentiment can be.
Are most users even capable of melting it into tools when there's nobody that wants to trade for it?
It's not a genuine argument to claim that "bitcoin isn't used for anything".
If you want to buy $1.5 billion worth of Bitcoin the $5-$50 transaction fee doesn't matter. For the majority of people it matters though.
Also, Gold has literally thousands of years of cultural precedent as being a "valuable thing." Bitcoin, not so much.
(Of course gold has intrinsic value! Just because you can’t use a thing, doesn’t make it worthless to me, I’ll still buy your gold despite you not knowing anything but how to pull it from your pocket)
All the gold in the world or all the bitcoins in the world?
Being "smart" often doesn't translate into making good decisions or having good judgment. Sometimes intelligence only amounts to better capabilities at rationalizing whatever harebrained thing you already wanted to do, instead of giving up on it.
I think Bitcoin hits a bunch of special-interest buttons in some people that make it very difficult to put aside, for instance: truly innovative technology, startup thinking/wanting to be in on the "ground floor" of a big success, sci-fi made real, libertarianism, etc.