"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.
So, is the Bitcoin bubble about to burst?
There are places all over the world that accept Bitcoin as payment, so living off Bitcoin is possible. That being said, the options are very limited, and it depends a lot on where the person lives. Moreover, I think most people aren't even interested in spending their BTC directly. They buy and hodl for profit. Then they either intend to sell or might spend it directly if Bitcoin becomes widely accepted as a payment, but it probably doesn't matter much for such people. But what makes Bitcoin different from a bubble is that the bubble bursts and gets destroyed this way, whereas Bitcoin tends to recover eventually.