There have been numerous Bitcoin theses over the years and they’re all broken.
Is it peer-to-peer digital cash like the original white paper claims? Clearly not, with slow settlement and high transaction costs.
Is it an uncorrelated hedge against stock market volatility? No, it trades like leveraged Nasdaq.
Is it a store of value based on [insert lurid fantasy about digital energy crystal magic on the blockchain]? No, see above.
Is it a backbone for other, faster payment systems? No, see the miserable state of the Lightning Network after nearly a decade.
Is it a system for remittances to the third world? No, see El Salvador’s experiment.
Is it a way out of dollar dependency for third world governments? No, see El Salvador again.
Is it a way for North Korea to get paid when extorting Western companies? In fact yes, this use case does seem to work.
Is it peer-to-peer digital cash like the original white paper claims? Clearly not, with slow settlement and high transaction costs.
Is it an uncorrelated hedge against stock market volatility? No, it trades like leveraged Nasdaq.
Is it a store of value based on [insert lurid fantasy about digital energy crystal magic on the blockchain]? No, see above.
Is it a backbone for other, faster payment systems? No, see the miserable state of the Lightning Network after nearly a decade.
Is it a system for remittances to the third world? No, see El Salvador’s experiment.
Is it a way out of dollar dependency for third world governments? No, see El Salvador again.
Is it a way for North Korea to get paid when extorting Western companies? In fact yes, this use case does seem to work.