Obviously, it's a great store of value if you bought bitcoin in 2017 or earlier!
Tbh, the entire "store of value" story never quite felt right, the original whitepaper was advertising it as currency, yet, it seems unusable for any kind of financial transaction at the moment. Even short term is a risk, the fees are just as high as the volatility and a bank transfer has simply become cheaper.
Fees have actually come back to earth over the last month (although if there is a panic and people start competing for block space, you can expect them to quickly jump back up). Volatility is one thing, at this point you almost expect a daily 10-20% swing in either direction. The bigger problem has been a relentless downward trend over the past month.
> Fees have actually come back to earth over the last month
Well yes, but who would to want to use Bitcoin as a medium of exchange now? The period of fee inflation will surely have killed that off for all but trivial uses.
Similar rationale with Bitcoin as a store of value. A 7% 30 day vol vs USD is, well, chunky.
As a vehicle for speculation and short term vol trading it's clearly still a thing but that's not quite what it was intended for.
>Well yes, but who would to want to use Bitcoin as a medium of exchange now?
The same people that have always made up the bulk of actual bitcoin payments - people buying things on the dark web from markets that haven't integrated Monero yet.
I could be mistaken here but I don't believe the price of gold (relative to USD) has ever halved. Ever.
Now the gold price has, historically, been more stable than USD so there have been times when USD deflated so fast that the relative value of gold dropped by more than half over periods of a few years. But there were very few of these and this is not what's been happening with Bitcoin.
So, if you were comparing Bitcoin to gold as a store of value, you're not even vaguely close.
> Bitcoin is a store of value. 1 BTC will always be worth 1 BTC.
You really want to look at a store of value in terms of other goods and services, not itself. (Major world currencies tend to be stable in value against common goods baskets in the short-term with slow inflation in the longer term, so comparing—especially over a short term—a more volatile store of value to a major currency can also;make sense.)
