The Bitcoin into which I placed my life savings at $64,000 is down a bit. With stocks, the best time to buy is usually right after a big slide. Is it time to buy more Bitcoin?
Stress tends to reduce a large field of competitors. From Wikipedia:
Starting with Duryea in 1895, at least 1900 different [auto manufacturing] companies were formed, producing over 3,000 makes of American automobiles. World War I (1917–1918) and the Great Depression in the United States (1929–1939) combined to drastically reduce the number of both major and minor producers.
There are some use cases for crypto, e.g., Hunter Biden transferring painting sales revenue to hookers and drug dealers, but why do we need currencies in addition to Bitcoin? If all of the money and faith that people have put into 19,000 digital currencies went into Bitcoin, it could go back up to $64,000, no? (Another way that Bitcoin could get to $64,000 is via continued U.S. government money-printing… $64,000 could be the price of a Diet Coke.)