Thank you for a thought-provoking article, a lot better than the usual cries of "Ponzi"! I think that Bitcoin will not be able to overcome competition from other cryptocurrencies because it is one-trick pony. Proof of work is environmentally disastrous, and miners are chasing a limited resource. More importantly, you can't do anything with BTC other than trade it. With Ethereum for instance lots of applications run on its blockchain, providing services (i.e., value) other than just currency. And better ones are being built than ETH, which still has to convert to proof of stake for a number of reasons.

I am certain cryptos will be regulated soon, but I am concerned that the regulations will be written by people who either do not understand what blockchain technology can do, or who are of the "Ponzi!" ilk. What is absolutely necessary is ways to counter the numerous grifters and criminals who rack up big earnings by defrauding people. And there is the stupidity factor, like what happened with Terra. How to regulate that is always a conundrum…