Disclaimer: These are thoughts only. I claim no qualifications.
I really like Bitcoin. I find it interesting intellectually and going long, I think it’s ++. I’ve been watching it for a few years, and even own some coin for experimental purposes. I’d like to see Bitcoin succeed.
But there is a short term thought I struggle with. Many positive news cycles involve new vendors (recently Microsoft) taking the coin, with the thought being increases in transaction volume will increase the market price of Bitcoins (more people using it == higher price).
Yet most holders are seemingly speculators, expecting the value to go up in the most obnoxious of ways. Why would I spend an asset I expect to 10x in the coming years in lieu of cash, which probably won’t 10x? Not much.
Most of the times I went to Bitcoin events (admittedly not recently) I had a similar feeling. Mostly people who could explain what a Blockchain was, but in no technical detail. They could explain how transactions work, but with no real depth.
Bitcoin is a very young piece of technology, and there is an over-exposure of fake technologists. They just want to ride the rocket ship.
Long, I think Bitcoin is ++. An ongoing crash will mean more developers may purchase, who have incentive to improve the technology. When developers don’t own Bitcoins they will probably build less Bitcoin things.