It's hard for it to die when countries like Venezuela tried to create their own crypto to get around US sanctions on the Venezuelan dollar. And when that failed, Venezuelans switched to Bitcoin because the Bolívar currency was inflating too fast.

Next on the crypto train is Sri Lanka. The Sri Lanka government is warning against using crypto, but we'll see if the citizens choose it over their own Rupees.

I just did a quick calculation. If the Sri Lankans had traded their Rupees for Bitcoin at the peak, they'd be down about 4% less. However, if they had bought USD instead, they'd up 73%!

Bitcoin seems like a poor inflation hedge to me.

However, it does seem to be working out well for them. Joke is on me, I guess.

https://www.aljazeera.com/economy/2022/8/15/sri-lankans-make...

But seeing web 3 flop like a fish out of the water is hilarious too, so there's arguments on both sides.