I agree bitcoin seems to have become a ponzi scheme. Majority of people I meet in bitcoin view it as a get rich quick scheme. They'll never say that directly but all of them believe that if they hold onto their bitcoin some day they will be rich, even to the point they will go into credit card debt to buy more bitcoin. They have very little knowledge of how it works and most don't self custody which defeats the whole purpose of owning bitcoin.
Bitcoin makes more sense for countries and people that don't have a stable store of value but the vast majority of all bitcoin holders are from developed countries where they have alternative store of value assets like gold, real-estate, and stocks. The moment bitcoin stops out performing the S&P500 everyone will sell out.
I do believe in bitcoin. The tech is great but people seem to have turned it into something it isn't. Its become more of a religious cult making bold claims that bitcoin would solve all our problems. With people like micheal saylor going billions into debt because they "just believe" it will always go up. These people will deny any vulnerabilities of bitcoin and call it a perfect money when nothing in the real world is perfect. things are only perfect in theory. everything has trade offs.
The interesting question for me is if this will work. In my opinion, it can, but Central Banks and businesses using BTC as a "strategic reserve" are not enough
I don't believe any large countries/central banks will have a strategic reserve. Maybe a small reserve but not a large amount. theres too many vulnerabilities for a country such as the USA to hold bitcoin. If for example USA did have a reserve but then world war 3 breaks out. China has plenty of resources to building enough miners and get enough energy to cripple bitcoins network. making the USA bitcoin useless.
Take for example if the USA kept gold as a reserve. China would have to go through the USA military which has an annual budget of 800billion and invade 100s of miles into the USA and bust into fort knoxs and steal the gold. Which would be much harder to pull off then spinning up 10GW of power for some miners in their own country.
It might be easier to pull off a sybil attack rather than miner attack but I haven't done enough research on sybil.