There seems to be an existential question going around the crypto market at the moment where people are saying that if bitcoin can't rise in this environment than it probably doesn't have much of a reason to exist at all. After all, the narrative of using bitcoin as a safe haven in times of financial stress has been a rather strong one throughout the years and so now should really be BTC's time to shine.
Seriously though, I actually don't remember that part of the white paper. Bitcoin was invented to give us an alternative to money that is controlled by governments and banks. Nothing more, nothing less.
The volatility is largely due to the fact that it's quite new and adoption rates are unstable, which leads to large levels of speculation. So, for me, a measure of success would be to see bitcoin remain on a slow but steady incline, rather than zooming towards the moon due to global uncertainty.
Gold knows what's up. It's in no rush to get anywhere. In fact, it's been an excellent store of value throughout this shakeout and has managed to hold up with only slight losses since the crisis began. It would be nice to see bitcoin doing the same but also understandable that a lot of the weak hands have left the market in these turbulent times.
On the bright side... Bitcoin's great success through these trying times is that aside from the price and a noticeable reduction in the hashrate, bitcoin hasn't had any fundamental changes. The network continues to act as intended, spinning up a new block every 10 minutes, making sure that nobody double spends their coins and that the coins in your wallet remain unaltered, that your transactions remain uncensored, and (the big one) not debased by excessive top-down creation of value.
We look forward to the halving event in just about 43 days from now. It's gonna be a big one.
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