Can we agree BTC is not a store of value?

[mu_enrico]

Bitcoin is a currency, it was always seen as a currency when it was created, it wasn't a commodity, it wasn't an investment, it was something you use, you earn, you spend, not something you buy and sell

Yea, but if someone wants Bitcoin, he should be able to exchange something to get it. It can be anything from time (work), other forms of currencies, other commodities, etc., these create markets in nature.

When there is a market, there always people who speculate on it. Any idea of how to deal with this speculative thing?

[Questat]

Bitcoin is a currency, it was always seen as a currency when it was created, it wasn't a commodity, it wasn't an investment, it was something you use, you earn, you spend, not something you buy and sell

Yea, but if someone wants Bitcoin, he should be able to exchange something to get it. It can be anything from time (work), other forms of currencies, other commodities, etc., these create markets in nature.

When there is a market, there always people who speculate on it. Any idea of how to deal with this speculative thing?

If bitcoin is only use for purely currency, this will not grow, the reason why bitcoin rise to almost $20,000 last 2017 was because of its speculative nature and people are speculating that there will be a massive adoption which would eventually increase its value.

For me, this since crypto is called decentralized, we can't change its nature, we have to adopt with it but we can't change it and that gives us a real transparency over the fiat system.

[Spaffin]

So far, Bitcoin has not yet reached its maximum performance and does not have the stability that would give confidence for each cryptocurrency user in the safety of his personal funds.  Based on what we see today, Bitcoin is used more as a long-term investment, and not as a storehouse.  Even though there are quite a lot of opportunities to use Bitcoin as a means of payment, I do not do this, because I understand that the value of Bitcoin is much higher than the one for which I can spend my bitcoin.

[naaimmd]

Listen to this podcast.
https://unconfirmed.libsyn.com/coronavirus-how-it-will-impact-bitcoin-and-the-halving-ep116
However much you want it to be, BTC is NOT a store of value.  It has been a few years since $20K and even now, each peak is smaller than the previous peak.  Probably be $3K by the end of the week.

I think BTC will go down again below if holder start dumping but for now safe zone 5200$ if it go below than it will go down 3k$ for sure and now the europian country is affected and I think many people from those countries hold a high number of BTC so we need to prepare for another dump and we might not see this year 10k$ but crypto is really unstable and no one know which way it will go for sure let's hope best for now.

[tbterryboy]

Listen to this podcast.
https://unconfirmed.libsyn.com/coronavirus-how-it-will-impact-bitcoin-and-the-halving-ep116
However much you want it to be, BTC is NOT a store of value.  It has been a few years since $20K and even now, each peak is smaller than the previous peak.  Probably be $3K by the end of the week.

Well, I have never for once seen it as a store of value; to me, bitcoin is not a store of value, it’s just an investment and whatever goes into bitcoin is what I can afford to risk and apart from that I also use it for transactions in cases or places where it’s possible that I can make use of cryptocurrency, and those are few.

When I invest in bitcoin and altcoins I already know that there are risks that are involved in buying and storing them, so I relax and wait till the price goes up and when it reaches a rate where I’m completely okay with it, that’s when I sell it and convert to whatever I want to convert.

[FlightyPouch]

Listen to this podcast.
https://unconfirmed.libsyn.com/coronavirus-how-it-will-impact-bitcoin-and-the-halving-ep116
However much you want it to be, BTC is NOT a store of value.  It has been a few years since $20K and even now, each peak is smaller than the previous peak.  Probably be $3K by the end of the week.

I think BTC will go down again below if holder start dumping but for now safe zone 5200$ if it go below than it will go down 3k$ for sure and now the europian country is affected and I think many people from those countries hold a high number of BTC so we need to prepare for another dump and we might not see this year 10k$ but crypto is really unstable and no one know which way it will go for sure let's hope best for now.

Well I don' think they would dump bitcoin that quickly. Stocks are the one directly affected by this pandemic and I am not surprised if some investors there bought bitcoin. Also, we've already seen the price of bitcoin reaching $10K this year, but then again it dumped back to $4K and now jumped to $6K, that's volatility for you. The price may dump but I don't see it lasting since people would just take those dumps for granted.

[TopExchanger]

When the global market is down nothing can be a reliable store of value. Now everything is decimated. Bitcoin isn't an exception + get into consideration its volatility.   

[Botnake]

When the global market is down nothing can be a reliable store of value.

But we still choose something that we think would help us to store our money, and for me that should be bitcoin as I believe on its potential.

Now everything is decimated. Bitcoin isn't an exception + get into consideration its volatility.   

Volatility is quite a nature of bitcoin already, that is due to the fact that it has limited supply and there is no specific demand yet and it's been traded as well, so when people like to speculate, this will move the asset, but its long term is actually good, it would not reach at the current price if people does not believe on bitcoin.

[South Park]

How do you decide if something is store of value or not? I mean do you look at it during bad times only? Do you look at it over time only? What makes something just a store of value thing? Look at gold for example, it literally dropped during this period and it is widely regarded as the most store of value thing in the world.

People literally buy grams of gold all around the world for store of value and in case anything goes bad, that's GLOBAL, we are talking about trillions of dollars. So, if you think bitcoin is not a store of value because of the drop we had this month, do you also think that gold is not one as well? I doubt anyone could say that. In all regards bitcoin IS a store of value, just not all the time and also not as commonly known as gold, that's it.

While I believe that bitcoin is a store of value, gold has a tremendous advantage that cannot be underestimated, gold has been a store of value for thousands of years and even people that do not know a lot about how the economy works know that fact, so if things get really ugly there is no doubt in my mind the price of gold will go up for sure, but that kind of awareness is still not present when it comes to bitcoin, but it will eventually come as most likely in the future holding and using gold will become more difficult as governments try to stop people from doing so.

[slashz9]

Bitcoin is not a good store of value because the very people who claim to be supporting it are full of doubts about its future anytime its price drops. We need to learn how to trust the volatile system and also learn how to hodl during these times but in reality you can tell what people should do with their money so it ends up being dumped on the market. That's exactly what we are seeing at the moment with all the panic selling which is crushing the price of bitcoin.

at this time because of the economic crisis caused by corona even all market sectors also fell, so fully you can not blame btc for this incident.
I know crypto is a terrible investment place for new people because anytime the value can go up / down drastically.
but at least people still use it this indicates that the BTC is still in interest and is used as a means of investment.

[fabiorem]

The recent crash has proven it is not.

Bitcoin was built to withstand those crisis. The COVID19 black swan event was a crucial opportunity for bitcoin to show its worthy as a store of value. Instead, it dropped more than the stock market (with the exception of flying companies), thanks to the derivatives casino called Bitmex.

I pointed out several times bitcoin would have the same destiny of gold if paper speculation was allowed in the sector. Now every idiot out there want to blame COVID19, but by doing that, they are admitting bitcoin is not a store of value, since it followed the legacy system in the crash.

What to do from here? I'm going to apply a inverted DCA strategy, where, instead of buying small quantities periodically, I will be selling, until my stash is depleted. This will give enough time for bitcoin to rebounce, but make no mistake, it is not a store of value anymore, much less a currency for daily use. Unless something is done against paper speculation, bitcoin will be no more than a product from the fiat system.

[by rallier]

The recent crash has proven it is not.

Bitcoin was built to withstand those crisis. The COVID19 black swan event was a crucial opportunity for bitcoin to show its worthy as a store of value. Instead, it dropped more than the stock market (with the exception of flying companies), thanks to the derivatives casino called Bitmex.

I pointed out several times bitcoin would have the same destiny of gold if paper speculation was allowed in the sector. Now every idiot out there want to blame COVID19, but by doing that, they are admitting bitcoin is not a store of value, since it followed the legacy system in the crash.

...

Yes, you are right, But I will give another chance to BTC because The world is going an economical crisis, a huge one. If it will show itself, we can count COVID-19 as an exception. I think there is an exception for Covid-19, that's not only economical trouble as you know

[Questat]

The recent crash has proven it is not.

Bitcoin was built to withstand those crisis. The COVID19 black swan event was a crucial opportunity for bitcoin to show its worthy as a store of value. Instead, it dropped more than the stock market (with the exception of flying companies), thanks to the derivatives casino called Bitmex.

I pointed out several times bitcoin would have the same destiny of gold if paper speculation was allowed in the sector. Now every idiot out there want to blame COVID19, but by doing that, they are admitting bitcoin is not a store of value, since it followed the legacy system in the crash.

...

Yes, you are right, But I will give another chance to BTC because The world is going an economical crisis, a huge one. If it will show itself, we can count COVID-19 as an exception. I think there is an exception for Covid-19, that's not only economical trouble as you know

True, the COVID-19 destroy every market, people should not blame the crypto market if it will dump as the stocks are falling as well.
Bitcoin is even quite stronger at this stage because it has recovered pretty well when it was dump hard, that is compared to other assets but we can't really guarantee that it will stay this way, the pandemic continues hence the crisis is still here, therefore anytime a dump could be possible.

[hahay]

At least every asset will surely experience a period where they will crash, so I think in bitcoin also applies the same and even tends to be more extreme, prices can go down anytime quickly and therefore with unique characteristics I think bitcoin is indeed not a storage of value. Although there is something that can keep its value more stable for some time but the crisis will come and we must be prepared about any crash that will occur.

[wildzeros]

If it survives the current economic climate it will definitely go a long way to re-affirming its use case as a store of value

[jostorres]

Listen to this podcast.
https://unconfirmed.libsyn.com/coronavirus-how-it-will-impact-bitcoin-and-the-halving-ep116
However much you want it to be, BTC is NOT a store of value.  It has been a few years since $20K and even now, each peak is smaller than the previous peak.  Probably be $3K by the end of the week.

I don’t really agree with that. You’re saying this because the price of Bitcoin crashed as of recent. What if the price kept increasing, are you still going to question whether it is a store of value or not? You will be very excited and wouldn’t even ask.

Gold is a store a value, and it’s not just gold but silver and other precious metals as well, but despite that , the price of gold and all these precious metals still crashed to a low price, and some of them have managed to get back up a bit, especially gold and silver. Bitcoin went down and still got back up, it’s a matter of time and it will start going back up again.

[Barcode_]

People does have the freedom and choice to spend their bitcoin to purchase goods and services provided by any companies that are willing to accept bitcoin, but I do understand some investors who purchased bitcoin for investment purpose are holding bitcoin for the long term as they believe the price of bitcoin will increase as time goes by, I guess it is up to every individual to decide whether bitcoin is a store of value.

[Emitdama]

Listen to this podcast.
https://unconfirmed.libsyn.com/coronavirus-how-it-will-impact-bitcoin-and-the-halving-ep116
However much you want it to be, BTC is NOT a store of value.  It has been a few years since $20K and even now, each peak is smaller than the previous peak.  Probably be $3K by the end of the week.

Sometimes the post I see here is very annoying. So, you’re saying that Bitcoin is not a store of value because it hasn’t reached $20,000 again and cause it never continued to go up after reaching that rate? I don’t even know who told you that Bitcoin is a store of value when you know very much that it is a means of payment peer-to-peer and an investment for those that chooses, and you were also told that it is a volatile asset.

So, what makes you think that the price will reach $20,000 and keep going up? Some of you join this community with a greedy mind-set; because you saw the price reach high, you thought it will keep going up and you jumped on the train.

[Negotiation]

If it survives the current economic climate it will definitely go a long way to re-affirming its use case as a store of value

In the current economic climate Bitcoin will be a reserve of enduring value savings Everybody is buying bitcoin now, thinking about the future they will get a lot of profit if the price goes up In that case it is later in storage. But it is difficult to say when it will be determined. We have to wait patiently.

[sunsilk]

We've been telling it that it's a good store of value just like gold but there's an exception in moments like this. All kinds of assets are experiencing downtrend so why you would only choose to say that with bitcoin?

I'll still take bitcoin as my store of value and when the dust settles, you'll see that I've made a great choice of defining it like that. Look to the picture that the FED has already started printing dollars.