Bitcoin [BTC], the largest cryptocurrency, crossed $5,000 and managed to stay above it for a long time. The coin’s value did take a hit due to the Bitfinex-Tether fiasco. The ups and downs in the market caused many to question the value of crypto in general, however, Jimmy Song, prominent Bitcoin influencer, talked about the volatility of Bitcoin and called it a ‘store of value.’
Even though the Bitcoin community hopes to replace cash with BTC, the non-adopters of crypto and even certain adopters do not equate the largest cryptocurrency with money due to its volatility. Song, in his recent Off the Chain video, tried to argue that Bitcoin is a store of value, like real estate and stocks and he noted that like any ‘store of value asset’ Bitcoin, too, was volatile but that did not make it less of a currency.