Note that it hit a new all-time high last night, but it's been in the ~$70ks since last March. The election results may have pushed it over the top, but it's been way up for a while.
The people who predicted it would collapse appear to have been wrong, and the people who predicted it would come back appear to be right. My own position was that it's so volatile that it will always be a roller coaster, which is why I don't invest in it anymore. I'm sure it'll crash again, and come back again, and I don't like drama when it comes to my money. But to me, this is more evidence against the Ponzi scheme narrative, which was always a lazy description that didn't match the history of the coin. BTC is something else entirely. Still scary to me, but something else.
It cannot even get to $100k despite endless predictions over the past 5+ years it would. Each cycle is getting subsequently smaller. If anything, it's reached the final stage in which the supply of new buyers to prop up the price, let alone new highs, is exhausted.
I suspect it's going to become increasingly normalized for people to put some fraction of their retirement accounts (perhaps 3% - 10%) into crypto, now that there are ETFs. I'm not saying the supply of new money won't eventually get exhausted, but there's still a ton of untapped boomer wealth out there that has yet to flow in.
No the open-minded young see the potential, buy the asset while it's cheap and the slow pension funds in the legacy financial system eventually catch on and buy in with much larger quantities, pumping the value as they do so.
The boomers' pensions will effectively fund the pensions of the young who will be living off the 0.1BTC that they bought at $3000 but which is later worth $1M by the time they retire.
The people who predicted it would collapse appear to have been wrong, and the people who predicted it would come back appear to be right. My own position was that it's so volatile that it will always be a roller coaster, which is why I don't invest in it anymore. I'm sure it'll crash again, and come back again, and I don't like drama when it comes to my money. But to me, this is more evidence against the Ponzi scheme narrative, which was always a lazy description that didn't match the history of the coin. BTC is something else entirely. Still scary to me, but something else.