While I agree that BTC was basically designed to get around financial controls (usually controlled by Govts) there would be some value in having some BTC in a country experiencing high inflation, corruption, and crime.
Nigeria would be a good example.
70% of the āpriceā of BTC is basically wash trading.
BTC basically depends on suckers (new entrants) to keep the price up.
As a store of value, it is rather poor option for the vast majority of humanity.
Yeah but they donāt have to use crypto. There are countries that peg their currency to other countries or accept multiple forms of currency (Iām thinking of all the Caribbean islands accepting US dollars along with their own form of currency)
I donāt think a crypto ban would halt drug trade or money laundering
But it would make laundering less efficient
Iām okay banning something that doesnāt have much utility outside of criminal activity. Probably should have been done before it became an investment vehicle
IMO one of the main purposes of BTC was to socialize the transparency of and permanent tracking of all transactions. Cryptocurrency is not going away for this reason, in fact itās just getting started. Sure, BTC itself will be expendable one day. Perhaps soon.
Nobody was asking for that.
I agree that the underlying technology is interesting, and may eventually find a use. But that use is unlikely to be in currency, and really nobodyās found a use for it yet.