Of course, it’s no surprise that confidence in the crypto-currency has been crumbling. First of all, unless you were laundering money, dodging taxes or selling drugs, it never really made much sense to use bitcoin as a medium of exchange. It did momentarily make a lot of sense to own bitcoin for a few months. But only because it was going up. In other words, it made sense if you were confident you could flip it to another sucker at a tidy profit.