“hit zero”! This is an irresponsible prediction.
I doubt it will hit zero. It is used for payments, much like paypal. That alone will keep it at least on a par with the dollar.
But it’s not an alternate “currency.” It is not a way to avoid the scrutiny of the irs. As an investment, it is wildly speculative.
One site lists 11 different cryptocurrencies with market cap above $ 5 bn. One or two might survive as mediums of exchange but most will go poof.
Since, unlike tulip bulbs, it doesn’t actually exist, it really can hit zero. Heck, you can’t even sell them as collectibles. You can do that with Confederate money.
Several agencies, here and in Europe, have cracked the dark web and can monitor the movement of Bitcoin.
Unless and until it can be escrowed or otherwise trustingly utilized on a large basis, it will not survive.
A few legitimate trade reps have dabbled in it, but their respective boards have pretty much nixed a serious entry into a Bitcoin exchange.
There is a reason it has washed, along with some others, in the past few weeks.
Electronic age or not, few people are willing to put much personal financial risk into a nebulous "air" dollar.
Totally different from Paypal type accounts.
I move money all the time "through the air", but a basis for it exists in a physical sense.
There is no "physical" Bitcoin and the existence of it on a piece of fused silica in a server somewhere does not inspire confidence.
Money has been made with Bitcoin, but much has been lost and will never be recovered.
Those that would invest heavily in it are the same type that invested in Mr. Ponzi's offerings.
When cryptocurrency goes tits up, will we then call it an "Ulbricht Scam"?