Kryptonite 2: Bitcoin Bubble Dynamics And The Relative Scarcity Illusion

BTC is not a general medium of exchange, or putting it differently, regardless of whether it has the potential to become money (and it presumably tends to be purchased by people who believe in this potential), it is not money right now. This is something it has on common with gold at this juncture: it is a financial asset with various monetary characteristics, a “money in waiting”, so to speak (of course gold no longer needs to prove to us that it can be money; we are aware of the differences).