Often hear comparisons between $BTC and gold's early adoption. While not a perfect analogy, the store of value narrative is strong. What historical parallels, if any, do you find most compelling or concerning?
I agree the store of value narrative is strong, but the volatility comparison to gold's early days seems a bit off. Gold had inherent utility beyond just a store of value, which Bitcoin still struggles with in the same way.
The most compelling parallel for me is the skepticism from traditional institutions. Gold faced similar resistance when fiat currencies began to emerge. It took a long time for it to be universally accepted as a hedge.
While the 'digital gold' argument has merit, the regulatory landscape is a huge difference. Gold wasn't born into a world of instant global communication and government oversight attempts. That's a significant factor.
I think the 'early days' part is key. Imagine trying to explain gold's value to someone who only knew bartering. BTC is in a similar, albeit technologically advanced, position right now regarding mainstream understanding.