Why don’t they consider the previous “Bitcoin wipeouts”? Like:
2011: $36 to $1 (97% Drop)
2014: $1,000 to $150 (85% Drop)
2018: $20K to $3K (85% Drop)
vs.
2022: $70K to $16.5K (76% Drop)
2011: $36 to $1 (97% Drop)
2014: $1,000 to $150 (85% Drop)
2018: $20K to $3K (85% Drop)
vs.
2022: $70K to $16.5K (76% Drop)
I can say some trash in a garbage can is worth not $70k, but $75k. I can even make good on that, and more than once. I may even find another sucker, or suckers who will pay this much for trash as well. Eventually this Ponzi scheme, like all Ponzi schemes, will blow up. With the stock market down, and interest rates hiked, it's hard to find people who want to put a lot of money into RTX and Dogecoin.
I think Bitcoin does (right now) indeed partially show the characteristics of a Ponzi scheme.
But I also think that it's absolutely possible for it to evolve away from that (Ponzi characteristic) and instead become a reliable store-of-value-over-time asset (more reliable than USD on a bank account as an example) that millions to billions of people use.
Now before you say "store-of-value is bullsh*, Bitcoin just lost x % YoY". Sure, it did. But it always depends on the timeframe you're looking at.