In all fairness, yes he probably left on the advice of his attorneys; but also yes, he is leaving before the bubble bursts.
Which raises interesting questions. If the value of Bitcoin rises to the point where it become a currency exclusive to banks, corporations and the very wealthy, it will need to be backed with something tangible. Fiat currencies are for public use. And since there is not enough specie (gold and silver) to back Bitcoin, they will need something else.
They might go in the direction of “extended mercantilism”, which uses far more commodities than specie, but instead of a fixed price equivalency, they would need a variable trading scheme.
The other big question is if Bitcoin collapses, what will happen to all of the other cryptocurrencies? While initially there will likely be a downturn, eventually they will be valued based on their linkages, or lack thereof, with Bitcoin, the stability of the nation where they are based, and their adoption as a “second tier” cryptocurrency, by organizations other than the big names.
If the value of Bitcoin rises to the point where it become a currency exclusive to banks, corporations and the very wealthy, it will need to be backed with something tangible.
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My reaction to your very astute observation was simply that of course there has to be something of real value backing Bitcoin.
But right now there isn’t.
If you have the time explain the Bitcoin phenomenon for the rest of us. I for one simply don’t understand why and how it creates value out of thin air.