I personally do not know what will happen to the entire Crypto market, but it seems it's about to be heavily shaken up in the coming weeks.
Reddit is killing off all 3rd party apps within the next week or two. I expect a mass exodus of users there shortly after. Reddit is by far the most popular place to go for crypto news.
Binance is now being sued by the SEC. They are the #1 crypto exchange, and we all know how dirty CZ and Tether are.
The perfect storm is now coming for Crypto.
Let's see if any coins/platforms survive it. I know many here are dug into the sand on both sides, I think we are getting that answer soon on what will happen with Crypto, and it's potential role in the future.
I personally think a few will remain, but I can also see it going the other way too, it all goes POOF.
I am fairly sure a real US Dollar backed by gold will kill the Fed, and that is going to happen.
I believe it will also kill crypto.
Bitcoin is digital gold.
Try travelling internationally with $100k worth of gold, or gold backed USD. Bitcoin will always have its place.
Bitcoin is not "digital gold." Gold has real value. It is used for technology (all computers have some gold in them e.g.) and jewelry, along with a thousand other real uses. It has been used for Jewelry for tens of thousands of years, because it is Real, and pretty, and has unique physical properties (thermal, electrical, lustre, color, resistance to degradation, etc.).
Bitcoin is used for exactly nothing except as an intermediary of exchange for barter, exactly the same as the Federal Reserve note. It has never been used for anything else, and it can't ever be used for anything else. It has zero value. Not one iota of value.
Gold has value regardless of if it is used as a currency. Bitcoin has exactly and precisely zero value outside of that usage. It can't survive in any world where any currency with actual value exists.
This is not me promoting gold as a good medium of exchange for barter. On the contrary, I think that is not the best path. This is me calling bullshit to "bitcoin is digital gold" propaganda that has nothing to do with reality and purposefully ignores all of the evidence and arguments against it for the sake of protecting the mind with how much people have invested in something completely without any actual value.
I wholeheartedly agree with your comment except for one tiny little point.
I can think of exactly 1 good, mayhaps excellent use for Bitcoin or some other similar project, that being international trade and settlement, in place of something like SWIFT. Given that the nature of settling in gold requires that all parties involved in transporting have to be some degree of trustworthy, the nature of BTC's technology requiring very little trust to operate for both parties might be very attractive.
The technology behind digital currency, or NFTs, etc. can be used for all sorts of cool stuff, but that doesn't give it value because it takes nothing to make it do that work. Besides, other similar techs are better suited than bitcoin for all those projects, and again, they take very nearly zero resources to make it happen.