Most cashed out and went from Bitcoin to Bitcoin Cash (they’re different although share the same core, Cash having forked from Bitcoin). Wherever the money goes, it appears to me recently it is worse than fiat. At least a fiat currency has national backing.
Sorry, couldn’t resist. Most here who are strongly pro-cryptocurrency tend to rant about “fiat money” and I’ve tried in the past to explain that it’s even less concrete and accountable than that, but it fell upon deaf ears. Somebody made a lot of fiat money off of this, but I suspect it’s not the smallholders, never is.