it’s intellectually dishonest to argue that #bitcoin isn’t a store of value because its exchange rate went down during a risk off move

gold has fundamental properties that make it an effective SoV and monetary good, but the fact that it (often, not always) trades that way is bc of human adoption, psychology, and trading behavior, not magic

sovereigns, central banks, corporates, and institutions hold gold and trade it that way (sometimes… gold was down yesterday lol). its longevity gives it stability. knowledge, understanding, and adoption of gold is widespread.

bitcoin’s properties — scarce, non-sovereign, fixed supply, permissionless, etc. — make it *fundamentally* similar to gold (better bc it’s digital), but it doesn’t yet trade like a SoV because it isn’t widely held for this purpose (yet)

the bitcoin bet is that it *may become* widely held for this purpose. that possible future is what gives bitcoin upside potential that gold doesn’t have. think of it like an early-stage bet on the future of gold, in this thesis. what if you could be *early* to the future of gold? that’s the trade (or one of them, at least)