Thing is, if someone needs a store of value that's not controlled by the bank, gold is already there - and, for most people, it being physical is actually an advantage (easier to secure in a way that they can understand and verify).
Then again, most people who hold crypto today, do so in third-party wallets on platforms like Coinbase. At which point the "gold equivalent" would be to buy gold certificates from your bank of choice.
Thus, the only practical value proposition of Bitcoin is that it can do long-distance transactions outside of the established bank network and its regulations. I'm not saying that dodging regulations is always a bad thing, but regardless of that it's a very niche use case by definition, never mainstream.
The reason why it is so popular outside of that niche is speculation. Which is also why we're seeing those wild swings - if the current price was anything resembling its real utility, it would be a great deal more stable.
Then again, most people who hold crypto today, do so in third-party wallets on platforms like Coinbase. At which point the "gold equivalent" would be to buy gold certificates from your bank of choice.
Thus, the only practical value proposition of Bitcoin is that it can do long-distance transactions outside of the established bank network and its regulations. I'm not saying that dodging regulations is always a bad thing, but regardless of that it's a very niche use case by definition, never mainstream.
The reason why it is so popular outside of that niche is speculation. Which is also why we're seeing those wild swings - if the current price was anything resembling its real utility, it would be a great deal more stable.