It'll pump and dump.
This time is different, this time isn't a crypto bear market like in 2018, the economy is collapsing. No real hedge funds are going to buy Bitcoin when there are stocks, real estate businesses available for sale. It'll only be market makers playing the game.
No real rich people are going to trust this type of asset after seeing it pump and dump like this.
And Bitcoin was supposed to be a hedge against inflation and recession, didn't work. Because it's tied to the dollar.
I think you're missing the point of it being a hedge against inflation. Would you say real estate is a hedge against inflation?
Hedge against inflation is not when inflation is growing, it's when policies force the growth(and that happens usually 6-18months after) so while that momentum is building it is. Ultimately, as the government(s) continue to debase currency via rates, policies, and tariffs(import/export primarily) the most finite backing worldwide means of currency will reign supreme. There's no way around it. China can ban it, but if they'd rather a sinking Zimbabwe dollar over it for their new semiconductor that they'll fill Africa with or Venezuela or Argentina when that move happens--good luck. When Turkey drops rates in the midst of 80%+ of inflation, you really need a finite currency that can serve as a global currency and a store of wealth. And that no one can touch(centralized exchanges can touch whatever, even US regulated ones can too). Yes, US is "safer", but there's lot of Ebays guys that run their account of PayPal i'm sure you'll hear some horrible stories from that. The US can regulate it for better or worse, and on this forum, if you're out here buying btc and swapping it for tren your account will be flagged eventually and they know who you are. So you tell me if US is "safer". Buy it on any centralized exchange once youve established a cold storage wallet, then transfer it. Don't hold any on any exchange, that you're willing to lose. FTX is probably the most popular of this, anyone whose been playing around in this field knows Mt.Gox. That was the real one.
The main bitcoin HODLERS haven't gotten a drop out of their wallet, and infact only have added to their wallet if you look at the on-chain data. You had the Enron of crypto happen and it's down 20%. It's a binary game it's going to 0 or it's going all the way up. I'm not sure what more momentum it needs to go down to 0. You have almost everything happening to it; 3AC, FTX, and now even Genesis are three of the absolute biggest momentum shifts. And it's still trading at 16+ when speculative stocks are down 60-80% stocks, 2 FAANGs are trending 70% ish or lower. This won't show any promise until two things happen; consumer sentiment comes up after some form of regulations are pressed & rates stop increasing and start de-escalating. Then good luck catching the bitcoin ride. When does that happen? I'd say closer to the election, but i dont know im speculating. Rates still have another 1-1.5% to go, get Fed Funds at 5% ish and around there BTC should theoretically drop a bit more, and not as much as real estate or equities will. But you don't know, it hung tight at 19-20 before Sam.