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Beware the Mirage of Cryptocurrency Value
The cryptocurrency landscape exhibits a troubling trend of conflating Bitcoin with other cryptocurrencies, blurring crucial distinctions. This conflation has drawn the attention of politicians, who view the estimated 60 million crypto users in the United States as a significant voting bloc. Leaders from various political backgrounds are now aligning themselves with cryptocurrency narratives, despite the stark reality that the majority of crypto investments may not reflect true savings or wealth accumulation. Most cryptocurrencies function more as speculative ventures rather than legitimate savings vehicles, often characterized as 'pump and dump' schemes. While Bitcoin stands out as a hard asset with potential to appreciate, the myriad of other crypto projects lacks substantial application development and differentiation, raising questions about their viability as decentralized platforms. The persistence of these narratives in the absence of concrete technological advancements shows the disconnect between the marketed capabilities of cryptocurrencies and their actual utility.