I'm seriously thinking about dumping all my Bitcoin at a loss, but I want to make sure its a good idea first.
I've been holding bitcoin at roughly a 24% loss for around 6 months or more, and I'm starting to think it was a bad investment. I was expecting Bitcoin to be a hedge against possible US dollar devaluation and more continued interest in the expansion of Bitcoin investment vehicles like people being able to invest into it with their 401ks. However, Bitcoin hasn't lived up to my expectations.
I'll be honest, mostly I invested in Bitcoin because the chart was going up into the right, and up into the right is good lol, but now it isn't. Silver and gold are doing the work of hedging against US dollar devaluation, mainly with major world banks buying it up. The major banks have more power than every day people like you and I, so I can't go against their game. Supposedly JP Morgan is keeping the price of Bitcoin down with them shorting Microstrategy stock (I don't understand this too well I could be wrong).
More and more I'm thinking Warren Buffet was right on Bitcoin. What intrinsic value does Bitcoin have? What other major functions can you do with Bitcoin besides buying and holding and then selling later? I know its obviously a currency, but the only other major use case I know of for Bitcoin is buying drug off the dark web. At least with gold and silver, you can melt it down and make electronics and jewelry. Maybe things will change in the future and Bitcoin will become the world reserve currency replacing the dollar, since you can't really buy goods and services with silver and gold. But then again, maybe someone will come up with another electronic coin backed by gold and silver.
I want to know what you guys think. I might have some misconstrued views on Bitcoin and may not be seeing the whole picture.