> they are buying it on exchanges that report to the taxman as a speculative asset I believe you are correct for the vast majority of small retail crypto inves

> they are buying it on exchanges that report to the taxman as a speculative asset I believe you are correct for the vast majority of small retail crypto investors, and you are also correct that many of them are in a get-rich-quick type mindset. I feel sad for them, but ... there's no known cure for human nature. But none of these arguments contradict the fact that the asset does have these desirable properties, and that it does create strong demand, especially from HNWI type investors. As for 3) I disagree: it has always been very hard, and it's actually been much harder in the past. A 30% downswing like the recent one is total peanuts compared to what happened in the early days. I seem to recall a time where it went from $30 down to $2 in a matter of weeks.