In my opinion. Not one crypto, including BTC, has one penny of fundamental value. And in 40 years of working in the industry I know at least one thing for certain. All assets eventually trade at their fundamental value. Every single one. As long as someone else is willing to buy your BTC at a price above your “value” things will be all right. But let’s be clear - it is not a currency and never will be. The US dollar is and will likely remain the most dominant currency in the world except for those in criminal enterprises and many of them use the dollar too except for the transactions they need to hide. Cryptos rise often correlates with global strife and sanctions. That’s not an attractive thing for most long term investment. The attributes I’ve heard over the years on crypto always seem to change. For a while it was the traceability and security. Then everyone started stealing it. Then it was an inflation hedge. But that failed miserably in 2022 and 2023. Now it’s a bet against the US dollar and the Fed. Good thing for Russia/ukraine, and middle eastern strife last year to fuel the rally I guess. Cryptos fun and can lead to some great Reddit banter that burns hours on the day. So did GameStop. Early last year miners were getting out of the biz because they couldn’t afford their power bill. Now it’s golden paths of bull crypto again. The recent advent of crypto etfs was supposed to fuel a crypto rally. However most fell 20% within a week. So the bull arguments never seem to rationalize. I don’t like investments you can’t make rationale cases for. I’m not depending on folks evading Russian or Iranian sanctions to bolster my investment thesis. Owning things without any tangible value that go up in price can be exhilarating. But buying something whose only value is driven by criminal use, a bet against the US dollar and an asset with little ownership transparency will likely be a painful lesson for most. I could be wrong about buying assets without fundamental value but I’d rather be wrong and miss the upside in a world of many other alternative investments than end up in a dumpster fire. There’s just too many other options that have assets and compounding cash flow in their businesses. I’m sure there will be folks who make money on crypto. And they’ll celebrate their success by telling everyone they know at dinner parties, the bar and on chat rooms. But they always go remarkably quiet when things go bad. You never hear about the losses. In my own opinion there are a great deal many other options to invest in digital payments, blockchain, and even actual inflation hedges by buying companies with actual compounding cash flows and assets. If and when the music ever stops they’ll retain at least their tangible values.