Over the years, Bitcoin has been able to overcome naysayers by frequently reinventing its narrative. Because Bitcoin (BTC) is multifaceted, it is able to quickly change to confront new criticism.
We have seen this over the years. For example, Bitcoin used to be frequently assailed by the media for its volatility — many articles pushed the notion that Bitcoin was too volatile to ever succeed as a currency. We do not hear too much about Bitcoin’s volatility today, in part because observers have been accustomed to its frequent price swings, but mostly because “Bitcoiners” have coalesced around the notion of Bitcoin as an investment, specifically digital gold. They argue that the only reason BTC experiences such strong price movements is because it has not yet fully matured to a market capitalization that would sap this kind of volatility, such as that of gold. Consequently, the dominant narrative surrounding Bitcoin today is that it is a store of value and inflation hedge, despite continued volatility.
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