I think many had the idea that once it hit the mainstream then bitcoin would blast off to space, never really got there. Every attempt at an ETF was knocked back due to the volatile nature of the cryptocurrency and it did push the price down each time it was decline, yet people still have this idea that it will somehow become a mainstream currency...
I for myself cannot see this for a long time yet, if it makes it mainstream well done, if not then nothing lost for those who have already sold out.
The blockchain itself is the performing element of what runs those coins/tokens, and as you said many are nothing more than wallets that really serve no other purpose then a store of value - sort of reminds me of the dotcom boom (I wasn't around then) that occurred in the 1990's where all these companies came up from no-where and then most of them fell in to administration except for a select few.
The view you could say I have around this is that most will fail, though the ones that do make it could definitely become quite profitable and lucrative to the wider market - time will tell though.
Do I see a short term rocket on bitcoin - no, lets be honest the halvening didn't rocket bitcoin back to $20,000.00 and the next halvening isn't until May 2024. May remain sterile until then.
