"You cannot have money without a king."
The first wave depicted on the chart was driven by speculation more than anything else. The price went up, so it seemed like Bitcoin was a good idea. Then the price went up more and Bitcoin seemed like an even better idea. But now the speculation phase is over because there isn't as much money to speculate with as there used to be, and even if there is, the market does not seem to be in the mood, furthermore, you can only speculate in something for so long until reality kicks in. Bitcoin is 13 years old by now. Reality is next, or the adoption phase or realisation of the lack thereof is next and will determine its value. I will define adoption as number of entries changing in the ledger in a day. In my opinion the speculation phase tarnished BTC token reputation ( I am assuming it will enter a long bear market now) which significantly discourages adoption as store of value/unit of account, so my argument is you are going to have little speculators or people or companies using the ledger going forward.
Last but not least the macroeconomic situation also doesn't fully support the idea of digital property aka Bitcoin with supply chains still in limbo and rising inflation. It ultimately threatens the economy and thus the internet. Of course people assume that the problem will be solved because that's what happened in the past. But this is probably why it wont be solved. Lawmakers in particular are not coming up with very intelligent solutions its like they dont think its their job.
The first wave depicted on the chart was driven by speculation more than anything else. The price went up, so it seemed like Bitcoin was a good idea. Then the price went up more and Bitcoin seemed like an even better idea. But now the speculation phase is over because there isn't as much money to speculate with as there used to be, and even if there is, the market does not seem to be in the mood, furthermore, you can only speculate in something for so long until reality kicks in. Bitcoin is 13 years old by now. Reality is next, or the adoption phase or realisation of the lack thereof is next and will determine its value. I will define adoption as number of entries changing in the ledger in a day. In my opinion the speculation phase tarnished BTC token reputation ( I am assuming it will enter a long bear market now) which significantly discourages adoption as store of value/unit of account, so my argument is you are going to have little speculators or people or companies using the ledger going forward.
Last but not least the macroeconomic situation also doesn't fully support the idea of digital property aka Bitcoin with supply chains still in limbo and rising inflation. It ultimately threatens the economy and thus the internet. Of course people assume that the problem will be solved because that's what happened in the past. But this is probably why it wont be solved. Lawmakers in particular are not coming up with very intelligent solutions its like they dont think its their job.
