Bitcoin

OK. What do I have to add  to the Bitcoin conversation. Only my 35 years as a trader. That's less than you might think, but I can probably smell a manipulated market when I see one. So here goes...
So far their have been 17 million Bitcoins "mined." Of those, about four million have been lost. When you send a Bitcoin and make a mistake in the address, it goes to the wrong place. But the place it goes to is non-existent (with probability close to one) and never will be. So there's no one to give it back. It's gone.
So 13 million left. Of those, about 40% are held by the 1000 largest holders. These are people who were in at or near the beginning, and accumulated their stakes at cheap prices. Since the community was smaller then, it is reasonable to assume that many of them know each other. Many of these people are true believers in Bitcoin, but I'll bet a lot of these "bitcoin billionaires" would like to monetize their stakes. However, they really can't. If word got out that they were selling, the price would crash. Bitcoin is not as anonymous as it's made out, and there are ways of figuring out if they do. So they are mostly stuck.
That leaves 0.6 x 13 MM or 7.6MM. I don't know how many of these are HODLs, but let's say half. That leaves 3.8MM as the true free float. At today's price that is about $22 billion. Think about that when you read stuff about the"market cap" of cryptos.
I believe there is a price ceiling on Bitcoin. If it goes up too much, the large holders will let some go. Given the small float, that will cap the price.
Is there a floor? Probably. Bitcoin does have actual uses. Most of those involve breaking some rules or laws, but that still counts. A lot of people in Venezuela would be worse off today if it weren't for Bitcoin. I have no idea where the floor is.
That brings us to the other issue, law enforcement. The US SEC is now saying that just about all initial coin offerings are securities. Almost all previous offerings were thus done illegally. With this font of new money cut off, it's going to be hard to get a lot of new enthusiasm for crypto.
All this would change if actual new uses for crypto were found. There are a number of obstacles to this, mostly having to do with scalability and trust-free interaction with the non-bitcoin environment. I understand that progress is slowly being made on these fronts, so time will tell.