The Globe and Mail reports in its Friday edition that after over 15 years, the purpose of bitcoin remains unclear. The Globe's Tim Shufelt writes that it is not digital gold, a hedge against inflation, or an effective currency. Bitcoin fails as a store of value, safe haven, or productive asset, lacking cash flow or yield. None of its intended use cases are viable anymore. Bitcoin has become a vessel of pure speculation. Why did it skyrocket in the first place? More buyers than sellers. Why did it crash? More sellers than buyers. Bitcoin has lost close to 50 per cent of its value, and crypto haters smell blood. The idea that bitcoin is destined to be worthless is gaining traction. Renowned market predictor Michael Burry warns of a potential bitcoin "death spiral." New York University economist Nouriel Roubini said a couple weeks ago that the "crypto apocalypse" is approaching. He said should this "pseudo asset-class" be given the latitude the crypto industry is lobbying for, it could "undermine the foundations of the banking system." Meanwhile, U.S. research firm Pivotus Partners said it had a target of "zero" on bitcoin. Pivotus's Richard Farr said: "That's not just for shock factor. It's where the math takes us."