Quote from: kryptqnick on May 10, 2020, 10:24:39 AM

Quote from: TheUltraElite on March 29, 2020, 05:51:12 AM

Quote from: Botnake on March 20, 2020, 11:55:26 AM

Not gonna panic for short term as a dump and a pump is quite normal for an asset that most of the volume are own by the whales.

It remains a store of value as long as we have its price on the rise or at a stable price, of which increasing price is always possible in the long term. So it becomes a good store of value provided you know the risks.

I think one of the key factors we should take into account to answer this question is how Bitcoin is used. If people use it to buy stuff, it's money. If they hodl during the hard times, it's a store of value (even if Bitcoin is going down but people keep holding it). Here we encounter the problem of 'people' as different humans use Bitcoin in different ways. For me, Bitcoin is something I'd like to be money, but effectively is a store of value. For a person who was about to lose a fortune because of holding stock that went rapidly down due to the pandemic, it can be a save haven. For people who bought some BTC with the stimulus money from the US it's an investment opportunity. Bitcoin is certainly many things, and perhaps we should look at how it's used rather than argue how it's supposed to be used.

If we like to see bitcoin as a good store of value, then we should hope for a massive adoption as only the real demand will appreciate its value.
Right now, it's still controlled by the whales, but in the future, quantity of users will beat them as they can't have this kind of power forever, so for now its not a good store of value but if you believe on its future, you should start holding now.