Everyone who has ever had Bitcoin will want to have more. However, if the asset is viewed from a more pragmatic perspective and from the angle of its applicability in the real world, it will become obvious that the only real use of Bitcoin is serving as a source of fiat. Bitcoin is volatile, as proven by its latest descent from all-time price highs of in excess of sixty thousand US dollars to just over twenty. Those who managed to fix their gains during the price highs and were not too greedy in expectation of further gains are now in a rather hefty plus.
The currency charts for Bitcoin are available online to make sound judgment. Before heading off to the crypto market in search of profits one has to consider the risks. The risks are how that the initial investment in any digital asset may be lost due to speculation, price action on the part of large market players, sudden external events, and much more.
The current market cap for the cryptocurrency market is a fraction of what it was a year ago. The reason is simple – greed. The collapses of such major powerhouses as Terra/Luna, Genesis, FTX and others are the results of the greed of their founders who want to bite off more than they could actually chew. Blatant fraud and corruption schemes have eliminated any semblance of trust the community had left in the market and it will take time to regain that.
With that in mind, it is now the best time to look at conversion of Bitcoin into fiat as the best solution for ameliorating the situation. Fiat is currently the only tangible means of payment, as cryptocurrencies are losing ground and chances are quite high that even the retailers who had accepted Bitcoin before will be willing to continue support for such an innovation action. At present, most holders of Bitcoin are converting their assets as such:
• JPY to BTC;
• CAD to BTC;
• AUD to BTC.
That and the reverse apply as investors are looking for ways to fix what profits they can in light of the falling market. Chances are that the market will enter a bull run phase in 2023 or later, but at present, most market participants are occupied by other, more pressing matters in light of the global geopolitical and economic crises.