It is notable that Bitcoin took fewer years than both Google and FB to reach a 1 trillion market cap. Now market cap is a pretty horrible metric (and 1 trillion is arbitrary), but one way to compare totally different things. Note that bitcoin has always been the dominant cryptocurrency, and google/FB were dominant search engine/social networks much earlier than they reached 1 trillion market cap. What took a long time for them was for the market to value those innovations more highly. In crypto's case, the market valuation actually came quite quickly.
> The volatility of BTC/USD has only increased
Do you have a source for this? The data I have seen is that it is just slightly decreasing if anything, but there are many ways to measure volatility.
Re:The Bitcoin Investment Thesis Is Broken
by lampshades on Tuesday May 24, 2022 @02:11PM
(#31495536)
Bitcoin is supposed to replace every central bank on Earth, not MySpace. It's hardly comparable.
Re:The Bitcoin Investment Thesis Is Broken
by anon2020dot00 on Tuesday May 24, 2022 @02:21PM
(#31495694)
This must be a cos-play for attention; Going around pretending to be some sort of bitcoin fanatic.
Re:The Bitcoin Investment Thesis Is Broken
by the_sleaze9 on Tuesday May 24, 2022 @04:32PM
(#31497230)
This isn't how we engage debate on hacker news.
Please take this kind of argument elsewhere.
Bitcoin was supposed to have started acting counter-cyclically (like gold) when it got mass adoption. So, 2018?
Instead, it acts like leveraged NASDAQ in its pricing, and has absolutely none of the utility that a cryptocurrency probably should have. The only benefit of bitcoin is name recognition. That doesn't create a currency or a store of value. The volatility of BTC/USD has only increased, as well as the correlation with QQQ, which does not suggest that BTC will ever become a store of value.
All fundamental signs point to a $0 value for bitcoin. Unfortunately, the dinosaur coin (BTC) will probably drag down the coins with utility (eg Solana, Zcash, and Monero) with it.