This is an interesting article, but I would like to see the volatility definition he's using.  Of course bitcoin cannot be that small circle.  Maybe he's only taking, say, 24 hr volatility or something, and not the entire RMS of the whole curve, in other words, only the high-frequency spectrum of the price curve ?

Clearly, bitcoin's dollar price doesn't look like a FLAT LINE with some noise on it at all, which is what low long-term volatility would mean.  

The point is that it is economically well-known that collectibles have no stable price, which was the problem with the booms and busts of gold-based currencies (which was essentially "solved" by fractional reserve banking, putting again elasticity in the monetary offer).