The distinction that matters is between speculative value discovery and speculative gambling. Bitcoin's price volatility today doesn't negate its monetary properties — scarcity, divisibility, portability, censorship-resistance — which are structural, not cyclical. I've spent years analyzing Bitcoin's long-term valuation patterns, and what stands out is that despite brutal drawdowns, adoption metrics and on-chain behavior suggest accumulation by people treating it as a store of value, not just a trading instrument. Whether it becomes a true monetary alternative depends on whether that behavior scales. The technology works. The real question is adoption.
The distinction that matters is between speculative value discovery and speculative gambling. Bitcoin's price volatility today doesn't negate its monetary properties — scarcity, divisibility, portability, censorship-resistance — which are structural, not cyclical. I've spent years analyzing Bitcoin's long-term valuation patterns, and what stands out is that despite brutal drawdowns, adoption metrics and on-chain behavior suggest accumulation by people treating it as a store of value, not just a trading instrument. Whether it becomes a true monetary alternative depends on whether that behavior scales. The technology works. The real question is adoption.