Subject: Re: BAC
As for crypto, as long as it’s useful to criminals and terrorists; is not a medium of exchange and undermines the institutions that underpin democracy, I will be avoiding that.
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"I didn't buy Bitcoin for moral reasons" ain't gonna hack it with me. Bitcoin is about the most moral invention in the history of mankind.

I tend to agree with you, in that (a) it's not inherently immoral to own blockchain assets, and (b) it's in any case generally not immoral to use a thing in a way that is innocent despite others using the same thing in a nefarious way. Some people steal money using pencils, but I have no problem owning them.

However...the first poster has a point, or at least half a point.
Note that there are really only two reasons anyone holds Bitcoin in this era, if they're honest with themselves.

* One is criminal activity. The most common categories being laundering, coin theft, and tax evasion.
* The other is holding in the hope/expectation that the market price will rise in the short term or long term.

Some folks say they hold because they support the philosophical ideal of an alternative monetary system, but if you scratch the surface it's always just reason #2 for them. If the price had been flat for the last decade, they wouldn't be in the game, philosophy be damned: they want to get richer.

Since there is no coupon, it's certain that the price can rise on trend only so long as aggregate demand for Bitcoin [at any given price] continues to rise. That requires an increase in one or both of the above reasons to hold among the population at large. I would expect both reasons to run out of runway eventually--there being only so many people on the planet--causing long run price rises to halt. With no up-trend in price, that removes reason #2 entirely after a while. The process might take decades to unfold, of course, but flatlining and boredom and irrelevance seem to be the likely destinations. Which is not necessarily the same as going to zero.

Jim