What fundamentals. I think crypto-people like using that word, but dont really get what it means. There are no fundamentals on bitcoin, there is demand for its future use. If the demand drops the system goes to 0, it doesnt have a strong utility as it is today, and its best utility is money laundrying, which can and will likely dry up eventually.
Let's see: several billions worth of infrastructure (asic miners), a technology tried and tested over 10 years soon, a much better acceptance that other cryptos, a worldwide network with terahashes securing it.
Also, on the technical side, a blockchain so small that it can be synced with just an old laptop
The price will always be >0 if only for the historical value - like old coins and bills from foreign countries sold at fairs, or paper bonds that people stick on walls.
And I don't care if criminals use it, in fact that by itself almost ensure it has a bright future because criminals will always want to conduce business, and there is no competition except diamonds (also driven by demand for future use, because otherwise it's just a shiny rock)
I remember how people on HN used to bash the idea behind crypto, and it discouraged me at first. I was very stupid fo listen to them. Not anymore, now I have my plans, and I will execute them.
On and btw, I said yesterday it was unlikely to stay for long under 5.9k, was I right? I regret there was no bigger crash to buy at good prices. I really want to see a good crash!
It is unlikely for btc to stay at any price. I can also bet on volatility!
Laundrying is a good usecase, but only because its not being persecuted today. The day the SEC lands some people in jail, or intervenes tether, even that path will get closed out. BTC is not great for laundrying because of btc, but because of slow gov action. It leaves massive papertrails.
Once that usecase goes down, you need to create enough value to justify the salaries and infrastructure investment of all miners, plus the electricity they use. You need to generate the millions of dollars in value, and today, i dont see applications for it, not even wealth transfers. Maybe some storage, but not worth paying so much for, unless they are illegal.
