I agree with you of the idea that Bitcoin's doom is going to be energy. In my case, I do think Cryptocurrencies are here to stay, and other approaches like the ones used in ETH2, IOTA, Nano, etc will come to replace PoW.

I think at some point, government is going to ban PoW mining in the same way they ban gasoline based cars or plastic bags.

> The thing is... Bitcoin solves a problem for almost nobody. It's almost entirely a speculative bubble. Citizens of stable countries are almost entirely better off with traditional currencies

That's the key: citizens of stable countries are just speculating, but for people of not so stable countries (Mexico, Argentina, China, among several others) where people just do not trust their government & their banking system, Cryptocurrencies deffinitely have value.

In my case, I have part of my portfolio on Bitcoins, because there is no easy way to open a USD account in Mexico, and storing USD or gold is just not practial. And with our stupid president having 4 more years to go, the country is quickly going to a deep recesion. I don't doubt that when a recession come, the government will "lock" the banks to prevent a "cash run" as they did before (and as it has happened in other countries like Venezuela and Greece)