It would be a fighter that wouldn't give up.
The downfall of industry giant FTX and the arrest of its founder in the Caribbean have taken a toll on it.
After its most difficult year yet, the anti-establishment fighter was already on the verge of collapse.
It would be lying on its back in a boxing ring.
Is it out even though it is down?
It's similar to a Rocky-style boxing tale in the way that it has a cracking underestimation.
It was only worth a few pennies when it started on the mean streets of internet forums.
The band of promoter grew over the years to help fight against the establishment.
When the value of the digital currency rose to thousands of dollars, it began to be accepted in some places. It began to be accepted on websites and cafes.
Against all odds, the digital currency became sought after.
Thousands of imitators like ethereum, doge coin, and litecoin emerged too, before the big boom of 2021, which saw the emergence of the world's most famous virtual currency.
There was a lot of money thrown at it and one coin cost over $60,000.
It was falling over itself to invest in the projects.
Since November of that year, when it started taking losses, it has continued to get worse, leaving it at its lowest point in value, trust and excitement.
The recent FTX scandal is making this a bad time for the space. Stefen Deleveaux is the president of the CaribbeanBlockchain Alliance.
The collapse of FTX has been the biggest shock to the industry in a long time. It was the second largest exchange and the entry point for millions of people to enter the world of cryptocurrencies.
After its finances were revealed to be unstable, it collapsed into bankruptcy, despite being one of the most trusted platforms.
Sam Bankman-Fried is accused by the US of building a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in the world.
Mr Bankman- Fried said he hoped he had not killed someone.
FTX dealt a knockout blow. The year has been a bad one for the industry.
"We have never seen anything like this before in cryptocurrencies," says Prof Carol Alexander. She predicted last year that there would be crashes in the future.
In May, the collapse of two popular digital coins caused $400 billion to be wiped from the value of the digital currency.
South Korean authorities accuse Do Kwon of hiding in Serbia and are looking for him.
KimKardashian was fined over a million dollars for promoting an ill-fatedcryptocurrencies.
The collapse of the NFT market has caused millions of dollars in lost sales.
The biggest hack on a company was the theft of $600 million from the Ronin Network.
With the value ofCryptocurrencies sinking, investors are out of pocket and police are investigating what happened.
The price of one Bitcoin is now less than $18,000, a 70% fall from its peak.
The fall of the FTX exchange has left a huge hole in the industry and there are concerns about other exchanges.
More than a billion dollars was withdrawn from the exchange on Tuesday. Changpeng "CZ" Zhao said it was "business as usual".
Andy Renshaw, senior vice-president of product management at Feedzai, said that there is a need for a strong and diverse pool of exchanges in order to survive.
" Without a credible and trusted place to exchange safely, it is unlikely to return to title-fight status, never mind belt holder - at least the basics need to be fixed in training camp."
Digital coins are only one part of the coin, but their value is not expected to rise very much in the near future.
Prof Omid Malekan is a professor at Columbia Business School. Many of the biggest investment- related service providers have gone up.
He says that the technology is doing just fine, and that it is doing better than ever.
In developing countries with no reliable financial infrastructure, the adoption of both Bitcoins and stable coins shows the technology is improving lives.
Mr Deleveaux believes that the violent booms and busts are not indicative of the progress of the company. He points out that charities are using the virtual currency to get funds to places where normal money can't get to.
The latest scandals are a chance to purge the scam artists out of the coin, according to him.
Prof Alexander says that "Crypto is just a very short word for the future of the digital global economy."
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