Monero priced in Bitcoin is down 60% in the last year and it's down 90% since its peak in 2018. If Monero's purpose is to be anonymous and untraceable, and Bit

Monero priced in Bitcoin is down 60% in the last year and it's down 90% since its peak in 2018. If Monero's purpose is to be anonymous and untraceable, and Bitcoin's purpose is to be a store of value, then it appears the market prefers the store-of-value use case. There's a popular idea that crypto currencies are only good for illegal activity. But the evidence so far from a nearly trillion-dollar market says that avoiding law enforcement is not what's driving the crypto phenomenon. There's another popular idea that central bank money printing is devaluing national currencies when priced in crypto. I'm sure that's part of it, but inflating the money supply by 30% doesn't really justify a 10x increase in crypto valuations. It's a small sample size, but the handful of wealthy families I'm acquainted with who are investing 0.1% to 2% of their net worth into Bitcoin (and a little into Ethereum) are more afraid of a collapse of the western political order than central bank money printing. Institutions and high-net-worth individuals aren't looking for privacy for illicit transactions so they're not putting their wealth into Monero. They've witnessed or researched what the collapse of the USSR did to the ruble and asset prices in the former Soviet Union, and they're buying some insurance against a similar unraveling in the US and Europe.