Why I’m hoping Bitcoin goes to zero (even though I’m bullish on cryptocurrency)

It seems like every time Bitcoin crashes down from a new height, some people predict that the “bitcoin bubble” is over, while simultaneously there is a chorus of people saying HODL (crypto geek speak for “hold”). These veterans show a familiar chart of Bitcoin’s price history; each crash looks catastrophic as it happens, but when you look at the long-term trend, that large drop is nearly drowned out by further upward movement.

However, I am hoping that the recent drop from $60K to $30K is part of a more permanent trend where Bitcoin crashes back to a much lower level. And I say this despite owning a fair amount of Bitcoin and being quite optimistic about the future prospects for cryptocurrency. Here are some reasons why I feel that way:

Bitcoin clings to a proof-of-work system that is wasteful and bad for the planet

When Bitcoin launched, its proof-of-work system was revolutionary. The concept behind proof of work is that in order to mine cryptocurrency, you need to have a computer perform complex mathematical operations. This was supposed to “democratize” it, enabling anyone to earn Bitcoin and removing the power from a few rich financiers. In the early days this worked, and “anyone” could mine Bitcoin on…