Hey,

I have now read your post and, as promised, have some feedback:

1. Regarding a possibility of further price crash – yep, this possibility always exists.

2. Regarding Bitcoin’s failure to scale – true, although I am cautiously optimistic that Lightning Network will fix it for Bitcoin. SegWit was only a foundational technology that opened up the door for LN. Hopefully LN delivers. Otherwise Bitcoin will be forever locked in the "digital gold" category. Right now cryptocurrencies like Dash, Bitcoin Cash, Litecoin, Zcash and a few others are competing for the "digital cash" niche.

3. Regarding energy consumption – mining Bitcoin can, indeed, be viewed as a very wasteful use of energy. However, most successful Bitcoin mining operations are powered by renewable energy (because it's cheaper than fossil energy). It has two important implications: a) it doesn't lead to large emissions of greenhouse gases, b) it creates productive capacity for other uses of renewable energy, should Bitcoin mining become unprofitable. Building new geothermal facilities, new windparks and solar farms will pay off it the long perspective, even if the short-term driving force for these new energy projects is profits from Bitcoin mining.

I think that Bitcoin in the future will be priced at least 10 times its current price leves, because it will function as a reserve currency in the baskets kept by major central banks around the world and as a "safe asset" owned by pension funds, mutual funds, family offices and private wealth managers. Maybe it's just wishful thinking on my part (I am heavily invested in Bitcoin, after all), but I do believe that this is a likely scenario for the future. Only time will tell, right? ;)