The main selling point of the currency is that it is a limited resource, like gold. Then Bitcoin came, and my initial analysis was: yes, it can be a substitute for gold, it can be a new currency. Mining Bitcoin or other cryptocurrencies becomes exponentially harder as the amount of currency in the system increases. This scarcity was Bitcoin’s initial selling point.
I missed the fact that we cannot make more Bitcoin, but we can relatively easily create new cryptocurrencies, such as Dogecoin, Ethereum, BNB, ADA, SOL, Ripple, DOT, LTC, LINK, XLM, UNI, AVAX, USDT, and XMR. Can you see where I am moving? It is very easy to create a new cryptocurrency, it is not a limited resource.
My conclusion: Cryptocurrency is another bubble, so you can ride the wave and collect some money from it, but don’t try to build something long-term.
I want to point scarcity is not only selling point for all cryptocurencies, for example smart contracts.