The value of the Bitcoin network is its utility as medium of exchange. Those use use it solely as a store of this value do so on the backs of those pushing real adoption. If we tell everyone "buy Bitcoin! Buy Bitcoin! Store of value! Number go up!" then people only see it as a useless tech stock. It damages the culture. It also puts off those more skeptical as they never hear about what they can use Bitcoin for, only that they ought to buy to increase their fiat holdings when they sell.
Replies (4)
Store of value —> medium of exchange —> unit of account.
In that order. Always has been.
If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.
Remember when you could buy teslas, steam games, Microsoft computers etc with Bitcoin? We've seen a drastic reduction in Bitcoin as a medium of exchange and a huge increase of ETFs, Bitcoin treasury companies, and push for strategic reserves.
It seems to me the order is more akin to medium of exchange - > store of "value" - > complete corporate and regulatory capture.
not according to Mises.
you just drunk the Saifedean koolaid
"The functions of money as a transmitter of value through time and space may also be directly traced back to its function as medium of exchange."
The Theory of Money and Credit
