Quote from: Minecache on Today at 03:37:50 AM

Quote from: pooya87 on August 07, 2022, 04:49:49 PM

Quote from: Minecache on August 07, 2022, 09:48:51 AM

Given the current economic situation, it is highly unlikely for the market to fully recover,

Sadly this is true even though it goes against all logic and bitcoin design!
Bitcoin is the hedge against inflation and whenever the fiat currencies dump, bitcoin price should go up. And we all know that all major fiat currencies from USD to EUR are dumping hard as we can see price of everything is increasing (except bitcoin!).

I think we need more time to prove, bitcoin is still considered a volatile asset and it is still not a reliable asset when the governments of countries constantly see bitcoin as an enemy. This is what makes bitcoin not as popular and trusted as other traditional assets.

But in the long run, maybe 5 years or 10 years when fiat depreciates heavily, people will know what to do with their assets, they will realize bitcoin is the most effective hedge against inflation.

But there may be another currency that will be promoted by different governments, which is CBDC. If that happens in the near future, just as you say in 5 years, but maybe sooner because fiat money will depreciate because of inflation, that will be a huge problem for bitcoin and cryptocurrencies. CBDC will definitely become a worldwide ban for cryptocurrencies.