Bitcoin "hasn't worked well as a store of value"?
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
Bitcoin is not working well as a store of value becasue we are not using it for what it was meant for. To many idiots think its a replacement for cash. IT IS NOT, it was a feature to cash, it will NEVER replace cash what it could replace and actually threatens to replace is market moving banks, debit cards, money transfer places and companies like paypal.
Yes fiat markets are volatile, but its because of the supply, demand, manipulating banks and collusion. But most importantly out of the 4 is demand. Bitcoin has no real demand, no one needs to use bitocin to purchase anything. The uses and demand it has right now are trivial, gamblers get to gamble because of it, kids get to buy game updates and other useless nonsense, but with Fiat one country MUST buy another countries fiat if they want to buy a product from that country. That means they have NO CHOICE but to trade their money for another countries money./ That is a real currency demand. Not amazon, not gambling, not steam and valve games. The absolute must that you have no choice but trade your cash for another countries cash so you can do business with them.
That is the absolute truth behind bitcoin and its demand right now. We Dont Have any Demand and the supply outweighs that lack of a demand.
The russian Rouble dropped for a couple reasons sanctions and the price of eastern oil dropped drastically due to the fact they have a much higher supply of oil than a demand for it. The difference between the rouble and bitcoins everyone knows at some point the rouble will rebound, even if sanctions are not lifted if the price of eastern oil rises way above what it was before the decline the rouble will bounce right back. And what Russia realizes that USA and other countries imposing the sanctions, those places can only go so long without Russian oil, the USA will only supply a certain amount until it starts impeding on their future plans. China and Russia are very close so China will not impede on Russian territory and sell their oil there. Russia knows this and is not concerned because before its all over these sanctions that killed the rouble will make it triple in price past what it was before the drop.
There is nothing pushing the value of bitoin up. Right now bitcoins value is just a number on our computer screen and nothing securing that number.
