Mainstream economists, pundits, journalists and others trapped in a fiat mindset never miss the opportunity to dig a grave for Bitcoin.
Of course, it then recovered within a month and went on to reach more than $60,000 over the course of the next 20 months, but unsurprisingly, the critics didn’t proclaim Bitcoin a huge success then.
This is just to point out that judging any asset with the attention span of a goldfish is ludicrous.
Full appreciation of Bitcoin takes not only price, but also value into consideration.
While fiat monetary policy is decided by a small cabal of central bankers based on their subjective view of the economy, Bitcoin’s monetary policy is set in stone: the issuance algorithm is administered by the world’s largest collective super computer and enforced by thousands of independently run nodes all around the world.
First in Canada, where peaceful protesters and their supporters had their bank accounts frozen, then in Ukraine and Russia, where ATM withdrawals were limited, digital payments were suspended, and bank runs commenced.
As we can see in various countries over the world — West and East alike — your savings, your operating capital, your money to feed the family can become inaccessible overnight, without any prior warning.
These uses may not be intuitive to the ivory tower commenters with cushy jobs and subsidized pension savings plans, but for others they become more and more obvious.