Most people believe the crypto markets are crashing this week because of China’s Blockchain crackdown.

Since the summer, many tokens have been getting slammed because most of them are not needed. In addition, investors realized that utility coins were not as imminent as they thought would be. For instance, Bitcoin, whose supposed use-case as a store of value, is not looking very compelling.

The risk-reward in Bitcoin has always been an extreme one, which is why its greatest advocates assigned colossal price targets to it. Mainstream adoption is an extremely unlikely event with an enormous pay off if the stars align.

For Bitcoin to gain the world’s attention, there must be complete central bank impotence, widespread currency debasement, falling equity market, abandonment of traditional gold and several others; which are difficult to achieve.

As the global economic retardation of the last nine months shows signs of stabilization, this has not been the case for Bitcoin. This is because, most of the stories about crypto adoption are turning out, and projects designed to use Bitcoin for transactions are either slow or unsuccessful.

As it stands now, crypto doesn’t look like it’s in a winning position yet, and it’s getting killed. Its possible that giant economies could have a major fall out, get into currency war and its citizens may get attracted to crypto. This scenario could help sustain Bitcoin, yet, looks far away from reality than the crypto community have been made to believe.

Most people were lured into Bitcoin in 2017 when cash flow was heavy and people could afford to gamble. However, those buyers are now losing hope in their chances of winning and are using this year’s rally to exit. Since the fundamental reason for owning Bitcoin as a store of value also loses its shine, amidst a stabilizing economy, the true believers are likely going to bail out.

Featured image courtesy of Shutterstock