which is why I don't think it's ever gonna be a mainstream currency but that's just my opinion and I'm certainly no expert. It just seems to me that most things don't get third, fourth chances to make it especially in this day and age of fast moving news/ what have you done for me lately.
I can see where you are coming from on that front.
There's not a word that doesn't make sense but the thing that is difficult to put into perspective is that the cycles are directly related to halvings (or halvenings) which have never applied to anything before in history (to my knowledge...I thought about it trying to apply it and I couldn't come up with any examples). Right now, because BitCoin is still so influential in the crypto markets, its halvings dictate the cycles and the next one is early in 2024.
The last one was May 2020 and we all know what was going on then so BitCoin's rise with that halving was muted by the general market malaise and just slowly rose with everything else until it got whacky near Christmas.
The thing that could change this and greatly eliminate the obvious peaks is the widespread adoption of the underlying technology of cryptocurrency (blockchain). It must establish itself with many use cases and then companies can have intrinsic value completely decoupled from BitCoin. This is still yet to come with some important aspects set to release later this year and next year.
One very notable thing about blockchain is that it is a secure ledger system and people can tell which wallets are selling and buying. This information is being referenced by people who are saying that massive buying and selling has been undertaken by whales (entities who/which hold many BitCoins) to contribute to market manipulation to create the current market conditions.
This manipulation is designed to shake the little holders into selling their stuff cheap so that the whales can buy it cheap. Simply put, that they have more money to play with just like the actions which happen in the 'regular' stock markets.
Once again, we are in the time of cryptocurrency which relates well to back when you knew nobody who had a cell phone and it is like people telling you that 'soon everyone will have one and use it all of the time'. But once again, I get it. I thought that I would never have a computer in my home or a cell phone in my pocket 100% of the time.
Relative to Sleewell's position in this: to my recollection he has BitCoin and Doge. Though Doge started as a joke, it has a huge community of people who are holding it. Though, for me, it was too speculative to purchase, someone needs only code an app or two for Doge to be used and look at all of the potential users of the coin. It's like building a business by collecting the customers first which is backwards but the potential is there.
As for Bitcoin, I have some that I bought at about $60,000 USD. Do I like that it is 40-50% lower right now? NO!! But I didn't put my power bill money in it and it just needs time and one day it will be $120 000 USD. Then I will smile about it. Hopefully Sleewell won't sell his and he will smile about it too.
Oh yes...I meant to add this here. Another stepping stone showing heavyweights and somewhat indicative of their thinking on this:
https://www.finextra.com/newsarticle/38316/visa-and-paypal-back-300m-blockchain-capital-fund
therefore in layman terms it is currency because it is used to aquire stuff. 