This is rightly described as a mania and a true one because it is not simply a great new idea that has run away with itself but will settle back to a reasonable but high level of value so that only the very, very latecomers might regret investing. This is a true mania, in that there is no intrinsic value whatsoever except that the idea has appeal. It is a way for the independent-minded human to have some control over their wealth by having a form of money outside the financial system in a conventional sense because this has always been controlled and manipulated by the establishment.
The degradation, over time, through inflation and through money printing in the era of paper currency has shown that no money has lasting value—it always declines. So this cryptocurrency is filling a perceived need in something outside the reach of the Central Banks. And of course, it has been greatly fueled by the underground economy, especially the criminal activities related to drug smuggling but also the increasingly legal cannabis market that is still excluded from normal banking services by federal regulations. So they need a way to launder money and make purchases and transfers of wealth for transactions that do not involve large amounts of cash, which are recorded and then reported to the authorities and would draw scrutiny for potential money laundering or criminal intentions.
So this is a tricky proposition altogether and is built on hopes, and dreams, and greed primarily, but will crumble. So our recommendation to anyone entertaining this idea would be to simply say no and walk away. The days are numbered, as all such manias collapse, and this will happen here as well. There will be a new form of money, but it will not be a digital currency that is only based on mathematics conjured from an algorithm. It will be based on something tangible.