Bitcoin has to be a store of value first. If there’s not incentive to hold it, any merchant that accepts bitcoin will likely just sell into fiat straight away if bitcoin doesn’t hold it’s value.
The order of operations is important
Discussion
Here's one who doesn't understand anything.
Bitcoin will continue to rise steadily due to its deflationary nature.
When will it become a store of value for you? When it's worth $200k? Or when it's worth $1M?
Do you think it will stop at $1M? Has gold stopped rising since 1913?
When will it become a store of value? When will its volatility decrease? Bitcoin will always be more volatile than other assets because it is inelastic; you cannot increase its production when there is high demand, nor can you reduce its production when there is low demand.
Stop listening to Saylor and siren songs, and use Bitcoin as money now. Bitcoin is the present.
Or you can keep listening to Saylor, delay the adoption of Bitcoin by 50 years, and die an asshole.
In fact, in some places it can be medium of exchange first, and a store of value later. Let me explain – there are places on this planet where people need Bitcoin to get certain things. So, they get Bitcoin just because they want to use it to buy something. And little by little they notice that they need less and less Bitcoin to buy those things, and that’s when they start to see it as a store of value too.
Yes, and in other places in the world most people have access to the fiat banking system and it works perfectly for their payment needs but is terrible at storing value into the future
It seems to me that bitcoin makes more sense to people when you compare it to a fiat currency. Instead of cells on your banks spreadsheet that can be edited arbitrarily to give or take money, it is an immutable spreadsheet that cannot be edited arbitrarily. They can't create more money and they can't take it without a legitimate transaction.
Sure, this argument would not work when talking about a money that you can drop on your foot like gold or silver, but people would rather carry a debit card or paper money with them making gold and silver unspendable at your coffee shop or auto mechanic.
Short time frame Fiat thinker detected
Into my 12th year of hodling 🫡
Than in what world is it not a store of value? Because the USD denominated chart line has a negative slope for any period greater than 1 day? 1 week? What criteria are you using?
I didn’t say it isn’t a store of value or a medium of exchange, my point is simply that Bitcoin becoming the world’s money happens in layers, with store of value being the first layer.
Medium of exchange comes next, then unit of account once we’re all pricing things in sats.
I’m not sure what I’ve said that you’re arguing with?
Bitcoin's power lies in giving people the ability to self-custody and to make private transactions between self-sovereign individuals without surveilling and controlling rails. The store of value narrative is a misleading maneuver; it gives power to the exact fiat control that needs to be made irrelevant.
It isn’t a narrative. Bitcoin stores purchasing power into the future by virtue of its engineered scarcity.
That’s just what Bitcoin does.
You couldn’t use Bitcoin for day-to-day transacting historically because blocks were often full and transactions were expensive. No-one is going to pay $20 in fees just to buy something small.
We needed lightning to get built out before it became useful to the world as a medium of exchange. Lightning is still actively in development.
We’re all very very early
Value come from utility. Bitcoin is of course a store of value, but will seize to be if the utility vanes. The narrative of first and foremost focusing on store of value is deceiving. When push comes to shove, Bitcoin will mean something but your paper claims on its value will not.