As of November 17, 2025, Bitcoin, which recently celebrated a victory at the $124,000 mark, has collapsed to $92,000. For believers, this is a "correction." For skeptics, it is the inevitable outcome of a fundamentally flawed idea. Let's discard the mantras of the "deranged" and see why the "house of cards" has started to shake.
1. Cryptocurrency without currency: The Great Refusal of the Original Idea
Satoshi Nakamoto in his famous 2008 white paper presented Bitcoin as an "electronic payment system." Where is it? Try buying your morning coffee by paying for a transaction that will wait for confirmation for 10 minutes and cost you $50. This is a failure on all fronts.
The community's response? "It's not for that! It is 'digital gold,' a store of value!" Well, well...
Remember this moment. When technology fails to fulfill its original purpose, its advocates do not admit defeat. They simply invent a new, more convenient, and untestable role for it. Bitcoin failed as a currency, but it was immediately declared a safe-haven asset. Convenient, isn't it?
2. "Digital gold"? Let's look at the facts
Gold is not just a shiny piece of metal.
Industrial value: It is used in electronics, medicine, and the jewelry industry. Its value is material and multifaceted.
A millennium of history: Its role as a store of value has been tested over centuries, empires, and crises.
What is Bitcoin?
Value from words. It has no intrinsic value. Its price is 100% speculation based on the belief that someone will buy it for more.
A 15-year story. Less than the lifespan of an old iPhone. It has not survived a single real Great Depression to prove its reliability.
To call Bitcoin "gold 2.0" is like restoring the Sistine Chapel and then painting over it with the freshest meme of a cat. Both works will attract the attention of the crowd. But only one of them is guaranteed to devalue to zero within a week.
3. Halving and scarcity: The Greatest Trick
The main argument of advocates: "Issuance is decreasing! Scarcity! The price will only rise!"
This is a classic substitution of concepts. Scarcity does not create value by itself. Each of us has a unique fingerprint — it is scarce, but it is worth nothing.
If scarcity is such a huge plus, then please tell me, why did we move away from the gold standard??? People who understand how modern economies work know the answer to this question.
The world has been through this before. The 2008 crisis was born from the belief that complex financial derivatives have value. The modern crypto market is born from the belief that complex cryptographic algorithms have value. Doesn't this ring a bell? History doesn't repeat itself — it rhymes. And the rhyme has turned out to be horrifically banal...
The reduction of Bitcoin issuance is not a fundamental economic driver. It is an artificially created pretext for speculative hype embedded in the code.
4. Prisoners of their own narrative
The Bitcoin community is trapped in its own rhetoric.
· Price rises? "We are right! This is the future!"
· Price falls? "It's just a correction, cleansing from weak hands! Buy the dip!"
Any event is interpreted as positive. An increase is confirmation. A decrease is an opportunity. This airtight logical system is irrefutable to believers, but from the outside, it looks like cultism.
5. The regulatory guillotine is still hanging over our heads
Don't be fooled by ETF approval. The world's governments are unlikely to just hand over their monetary sovereignty to an anonymous algorithm. Any serious crisis related to Bitcoin (laundering huge sums, financing terrorism) will lead to a monstrous regulatory blow. And when this guillotine falls, all talk of "decentralization" will evaporate, and liquidity will disappear.
What is all this for?
The drop from $124,000 to $92,000 is not a "correction." It is a symptom. A symptom that faith in the speculative fairy tale is beginning to wane.
Bitcoin is a brilliant technological and social experiment. But an experiment that has shown its unviability as a currency and its extreme dubiousness as a safe-haven asset.
It did not become the money of the future. It became a mirror of our time: a time of speculation, quick money, and the willingness to believe in a pretty story, even if it is based only on a line of code and a universal hope that someone dumber will buy it for more.
Perhaps 2026 will be the moment when this mirror begins to crack.
