[nootropicat]

>Jewelry, a really useful thing if there ever was one.

If people didn't care about their looks everyone would use plain color clothes. Gold jewelry also works as a status symbol. It definitely performs some utility that way. If gold had only speculative demand it would be long forgotten by now.

Nothing like that for bitcoin, it's purely speculative demand and to realize a profit you need another speculator to sell to, and the situation repeats. It's also inflationary and requires billions to run, generating losses, which mathematically guarantess that average bitcoin has negative EV. How do you know when to sell?

So far it only exists during the longest bull market in history, leaving many people and companies with a lot of paper wealth they don't know what to do with. If that situation ever ends, forcing people and companies to spend their financial reserves just to survive, purely speculative bubbles like bitcoin are going to collapse the most - as buyers disappear and many sellers appear.