I believe in Bitcoin as a store of value, but I've been uncertain about the importance of its role as a currency for payments. However, this is the biggest factor on my mind right now.
Bitcoin vs. Dollar Appreciation: While Bitcoin is often seen as a hedge against inflation, its behavior could be different in a situation where the US enters an economic crisis and the dollar is appreciating and goods are deflating. If neither the US dollar nor Bitcoin is losing value, people are likely to use whichever is more convenient for payments. If the dollar is easier to use, money might flow out of Bitcoin and into the dollar for buying assets at lower prices and covering immediate needs. Since traditional investments and employment are less likely to cover expenses.
Adoption for payments might really matter
Thoughts?
Edit: Using the dollar as an example but this applies to any large currency
Edit: Dollar Appreciation not Deflation
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