Good evening, Degens. I’ve got a real question for you tonight. One I’ve been asking myself for a long time.

Is Bitcoin really a store of value? Is it actually digital gold?

I’m not so sure. And honestly, I’ve had doubts about this almost since the day I got into crypto.

Why I’ve always questioned the Bitcoin narrative

I entered crypto in May 2021, right after a big Bitcoin drop. As I started learning how crypto actually works, something felt off to me.

Bitcoin doesn’t generate fees. It doesn’t really do much besides exist. Its value depends entirely on people agreeing that it has value.

That’s fine, to a point. But personally, I’ve always preferred assets that actually generate money.

When I looked at Ethereum, Solana, and other layer 1s, I saw blockchains that people actively use, that charge fees, and that generate massive revenue. That made more sense to me long term.

Bitcoin is king… for now

Right now, Bitcoin is still the king. Everything follows it. When Bitcoin drops, the entire market drops. When it goes up, the rest of the market usually follows.

But that doesn’t mean it will always stay that way.

Stuff doesn’t just go up forever. At some point, every asset matures. And I keep asking myself if Bitcoin is getting closer to that stage.

Gold is surging while Bitcoin is flat

Look at what gold has done recently. According to recent data, gold has surged to levels above 45,000 while Bitcoin has gone basically sideways.

If Bitcoin is truly digital gold, shouldn’t it be reacting the same way?

That disconnect is hard to ignore.

Tariffs, chaos, and macro uncertainty

Part of the problem is macro chaos. Trump is doing a lot at once. Tariffs, trade, taxes, geopolitics. I like many of his policies, but the pace is intense.

Markets don’t love chaos. Even when long-term fundamentals are positive, short-term uncertainty keeps money on the sidelines.

Kathy Wood thinks the worst is over

Kathy Wood believes the worst is likely behind us for Bitcoin. She sees the last few months as aftershocks from the October flash crash.

She expects Bitcoin to base between 80,000 and 90,000 before moving higher.

According to her, institutions aren’t asking if Bitcoin belongs anymore. They’re figuring out how much exposure they want.

I hope she’s right.

The usability problem no one talks about

Brian Armstrong once said that eventually even Bitcoin haters will be using crypto without realizing it.

That’s the key.

If you need to understand how something works to use it, it will never reach mass adoption. Most people don’t understand how the internet works. Or electricity. Or light.

Crypto still isn’t there yet. It needs to become invisible.

When metals pause, crypto usually moves

Tom Lee made a good point. Gold and silver are draining liquidity from risk assets.

When metals pause or top out, capital usually rotates. Historically, that rotation goes into Bitcoin and Ethereum.

That’s what a lot of people are waiting for right now.

Predictions are noise, accumulation is signal

Some people are calling for massive Bitcoin targets. Others are calling for crashes.

I’ve learned to ignore predictions.

I don’t know where Bitcoin bottoms. But I do know I won’t regret accumulating quality assets at these prices.

Why I still buy utility over narratives

This is where I might differ from hardcore Bitcoin maximalists.

I don’t believe Bitcoin will go up forever. I do believe blockchains that generate fees, power real applications, and enable entire economies still have a long runway.

Ethereum. Solana. Avalanche. Near.

These networks are doing real work. They’re not disappearing.

Patience beats hype every time

Crypto rewards patience and conviction, but it also punishes blind faith.

I DCA when prices drop. Five percent down? I buy a little. Seven percent down? I buy a bit more.

I don’t chase memes. I don’t care about charts. I focus on what’s being built and what’s being used.

Conclusion

Is Bitcoin digital gold?

Maybe. As long as people believe it is.

But belief alone isn’t enough for me. I want assets that generate value, not just store it.

Bitcoin may remain king for a long time. Or maybe one day it won’t.

Either way, this market is about patience, conviction, and buying when everyone else is full of doubt.