You know, you people in comments, here were saying Bitcoin was scam years ago. Price made like 50x or more since then. So now that finance take it seriously, you come up with this? Thanks for reminding me this place has no important information.
2011 - it's a scam, nobody uses it
2013 - it's a scam, only criminals use it
2015 - it's a scam, no companies accept it
2017 - it's a scam, only small companies accept it
2019 - it's a scam, no countries officially recognize it
2021 - it's a scam, only small countries officially recognize it
2023 - it's a scam, it's not the world reserve currency
With that logic.
Afaik that's still an unsolved mystery with several competing theories.
2023 - still nobody uses it
[1] Number Go Up by Zeke Faux tries actually using BTC in El Salvdor. Many don't know how, some people tell him to leave, some try but it's strictly inferior to existing payment methods.
A real world example of how Bitcoin didn't work, even though it could have worked is Steam[1]. They tried, and while gamers are more likely to be able to handle the intricacies of crypto than most of the rest of the population, there are just some really difficult issues to solve with using raw Bitcoin.
Virtualized networks on top of Bitcoin like Lightning[2] seek to solve some of those issues, but bring their own complexity and issues including finding enough VC money to bootstrap the network into even having money to function.
1. https://steamcommunity.com/games/593110/announcements/detail...
2. https://finance.yahoo.com/news/bitcoin-lightning-network-sca...
Bitcoin is the currency that nobody uses and a collectible that doesn't behave like a collectible.
He also questioned its role as a hedge, stating, "It's gone up as stocks have gone up, it goes down when stocks go down. This is not the way a collectible is supposed to behave."
I have actively tried to use bitcoin to pay for daily life stuff in 2022/2023 and its basically impossible without converting to fiat. The only 2 bills I can pay directly with it is my VPS host and AT&T. I can't buy groceries with it, pay my rent, fuel my car, or see a doctor. I was once able to buy steam games and Chinese food with it but both have since dropped it.
I would not call bitcoin a scam but I also would not say it is useful currency for Americans.