The risk of positioning #Bitcoin as a store of value only is that market downturns can trigger a loss of confidence in the belief that #BTC is actually a strong store of value. This happens at each cycle and Bitcoiners have learnt to factor the high volatility in the store of value narrative. However the core assumption that keeps this narrative alive is that the price of Bitcoin goes higher with each cycle and that every cycle correction put on a higher high. However what would happen if Bitcoin was to fail to make a higher high in a cycle uptrend or would put on a lower low in a cycle correction? Wouldn’t the « store of value » narrative be seriously undermined? In this case, what would be left for Bitcoin to sustain the demand and keep the hodlers from getting scared?

How would you react if it appears evident that Bitcoin fails to put on a higher high or put on a lower low in a cycle? Would you still consider Bitcoin as a store of value?