It didn't take a crypto crash, crypto has been a failed currency since BTC hit a dollar...
Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar?
Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological want force it as a currency... but how many people's morals hold up at 10x returns? 100x returns? 1000x returns?
If BTC (or any major crypto) had become the official currency of a country, it'd be a failed state by this point.
Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar?
Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological want force it as a currency... but how many people's morals hold up at 10x returns? 100x returns? 1000x returns?
If BTC (or any major crypto) had become the official currency of a country, it'd be a failed state by this point.