In my opinion, bitcoin is dead.
It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking. Future generations may read about bitcoin in a finance textbook as a curiosity and wonder what all the fuss was about.
There are still some die-hard adherents espousing the virtues of bitcoin, desperate to make a silk purse out of a sow’s ear. Unfortunately for them, the end may not be pretty when it comes.