The biggest problem with crypto is magical thinking
Whatever the dollar value of a unit of crypto is, you need to be able to answer how the unit of crypto justifies its value
It would be one thing if the dollar was passing the torch, but it’s not. Crypto steals value from existing currencies.
The whole fiat/gold backed debate is often presented as an absolute, which is way outside its purview. As you can see by looking at history, the dollar went from being commodity backed to completely fiat and it still keeps its name and position, only its value moves.
That’s because the dollar has value by being the de facto representation of units of the US economy. The actual US economy is pretty huge, and hasn’t declined all that significantly.. the reason the dollar lost purchasing power is because the treasury/mint produces more of them than is justified based on figures provided by the fed.
Now crypto comes around, and it -doesn’t- have a position as a de facto exchange medium. The point where it gains value is the point where enough people agree to exchange preexisting currency for it
And what also happens at that point, is that the total amount of crypto currencies at their given exchange rates equals exactly that amount added to the money supply
Crypto have value beyond hopium and arbitrage by stealing it through inflation