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Yes, I know but usually not on purpose and in the process of enriching themselves.
With Bitcoin, it is in their interest to sell of they think it's starting to devalue and that may be permanent. So the market pressure is in the opposite direction of where it would be for a currency where the central bank has no interest in profit but only stability. That can be corrupted, of course. But with currency, that's in a worst case scenario. With Bitcoin, that's the norm.
When the shakes sell, the value drops. Someone else only owns it if the sale is successful. At a certain point it becomes a falling knife. So their only interest is to try and sell before anyone notices. Eg quickly, which will cause a bigger drop.
That's what I mean. The incentives in Bitcoin for individuals are pervers for Bitcoin as a whole.
Every 3 or 4 years for over 20 years there are droves of people like you saying the value dropping is permanent, that it will never go back up, and yet it has gone from pennies a coin to over $123,000 USD per coin. As BTC adoption rate increases so does price and stability, and BTC adoption rate has always increased and in my opinion will continue to do so for many decades.
In what way do you think Bitcoin adoption has increased? I still don't see it's use for transfers nor as a safe value store. It's used as an investment strategy, yes, but not based on any fundamentals apart from market sentiment.
I don't know if the value drop this time is permanent. What o know is that I don't foresee Bitcoin being a replacement for global currencies. I think the digital euro has more of a chance of that happening.
Bitcoins value increase from mining is what made it popular. That is no longer the case. The hope is that as mining ceases it becomes non inflationary as the number is finite.
That whole proposition is based on Bitcoin being the primary store of value. If the rest of the world continues to have currencies which are inflationary, then the price of Bitcoin will represent its value in dollar terms, as it does now. So as the dollar depreceates, the value of Bitcoin in dollar terms should rise. No different to how the equivalent euro or gold does now. So it's not a magical hedge.
LINK an exponential chart with a collection of surveys showing increased number of BTC owners at about 520,000,000.0 people in 2024 up from 390.0 in early 2009. If it were a linear chart it would probably look like an almost vertical line.
You can also purchase cards with which to buy stuff from stores from some exchanges and they convert to your currency of choice on credit, you can use BTC kiosks in most major cities, and you can use it directly at a variety of stores in several countries including Switzerland, Venezuela, and it was widespread in Zimbabwe until their central bank banned it.