Talking of false narratives:
South America and all developing countries are adopting bitcoin officially or unofficially. Their own currencies have failed. Would you rather use Venezuelan Bolivars, Argentinian pesos, Sudanese pounds or Bitcoin?
Venezuela, where 1 roll of toilet paper costs several millions, has become the third country in the world in bitcoin adoption. Go and tell Venezuelans that bitcoin is a bubble and they should stick to their local currency.
These countries might be poor but still they account for a big percentage of the world's economy. Just the remittance market is worth $1 Trillion.
Bitcoin is pushing the green agenda, not just because is cleaner, it's actually the cheapest source out there. As bitcoin takes away business from gold mining, banking and fiat money the world will become a cleaner place. This is not narrative, it is obvious. Anything digital is cleaner than their physical equivalent. An ebook is greener that a book. A mp3 is cleaner than a CD. Netflix is cleaner than Blockbuster.
The hash rate has dropped indeed and the mining difficulty has adjusted accordingly. Now is easier to mine than before, what's wrong with that? It just probes the resilience of the network and how decentralized it is.
Miners are moving to Maryland, Texas, Wyoming, Florida and also Iceland , El Salvador, Norway, Russia And kazakhstan. Why wouldn't they? It's a great business opportunity. They buy stranded energy that would be wasted otherways and make a fortune mining.
There already several institutions that have bough bitcoin in large numbers. That means there are hundreds that haven't bought yet. But you think no one else is going to enter the market? Have you heard about game theory?
I'm not a bitcoin maximalist. I'm not an AI, self-driving car, genomics, robotics, automation or green energy maximalist either, but it's quite obvious these technologies will take over the world despite some initial setbacks.
You are stuck in the short term, focusing on some temporary dip and are completely ignoring the progression from the past to the future.
Were you one of those who said the internet was a fad? That digital photography will never succeed? That the iPhone was a hype? I bet you were.
I read this article hoping to find counterarguments that could balance my views. All I found was false narratives.