[paulpauper]

I used to joke: if someone says they’re into crypto currencies, they’re either a tool or have good ketamine. Years later, that rule still shakes out.

And now a third option: a late adopter who is looking at large losses.

Cryptocurrencies have also become useful asset stores for the wealthy living in authoritarian countries. So much so, that an estimated floor of $3-4 bil of cryptocurrency assets during the peak was just that.

Based on what? And this is still tiny relative to $2.5 trillion market size. Billionaires have no use for Bitcoin to hide wealth. Bitcoin does not bypass the financial system since you still have to convert fiat to btc or btc back to fiat.