If Bitcoin (or name-your-cryptocurrency) were forced into bankruptcy tomorrow,
what assets would be available after the forced dissolution to distribute to
the coinholders? 100%? 10%? Even one percent?
Now for a public corporation that holds crypto coins on its books, at what level
of fair value should these coins be held on its books? 100%?
And for a bank that lends to crypto-investing entities, what kind of impairments
should that bank record to account for the inherent financial risk of those
entities, that invest in something with no inherent value on the presumption
that demand for it will exist tomorrow?
Oil companies by law have to record impairments when valuations fall below
book value. So do natural gas companies. So should everybody else.
Where do people assume their investment into crypto goes? Into some managed
fund with a hyperbolic curve in its holdings?
Sorry, it goes into the construction of hundreds of data centers, huge electric
bills, commissions, and prior holders many of whom bought far lower than you.