Peter Brandt, a trading legend, said that he looks at Bitcoin as a store of value like Gold or silver. He also added that the ability for $BTC to serve as a reserve currency remains to be seen.
His comments on twitter garnered plenty of comments with some saying, “If you hold Gold , Silver as a story of value it wouldent make any sense to not hold BTC and the other way around”.
“Bitcoin behaves as a risk asset and is correlated the most with the stock market. Doesn’t react to geopolitical risk etc. at all. It is still a mere tool for speculation. It might at some point become “digital gold” but as for now we can’t really talk about it as a store of value,” the others mentioned.
“Bitcoin is a terrible store of value considering it has 10% swings intraday and suffers periodic 80-90% corrections (crashes),” some said.
“AGREE!! If someone sells as little as $2M of BTC over a weekend , that would cause an immediate price crash,” another one said.