The latest trend I see from some crypto people (especially the ones who have a vested interest in BTC failing) is to attack BTC's store of value.
Justin Sun, tweeted recently that if Bitcoin was a store of value it wouldn't have wild price swings. My first reaction to this is, I thought Justin was a lot smarter than this...
My overall reaction is...what about all the other things we use in our daily lives. There is this ignorant notion that somehow a dollar is, and has always been a dollar. This couldn't be further from the truth. Because of inflation, capitalism, and other factors, a dollar in 1999 does not hold the same value as a dollar now. A dollar in 1999 could have bought you one gallon of gasoline depending on where you bought it from. Today that same dollar will buy 0.2-0.4 gallons of gasoline. In 1984 one dollar bought you 20 white castle burgers!
Yet, because people SEE a dollar they think it has the same value.
Other things we use daily that fluctuate in price
Health insurance gold milk bacon avocados chips all parts of the chicken beef lumber real estate even water
In fact my last water bill was 300% higher this past month than the previous month. No explanation was given.
Every time these things fluctuate in value, your fiat fluctuates in value. If you actually tracked the value of the dollar since its creation, its chart would look like a nose dive. Yet, currently there are about 9 trillion dollars in bank accounts, and other types of accounts in the US alone (with only about 30 billion in FDIC insurance...let that sink in)
The biggest stores of value in the US are stocks. Which fluctuate in value every day. Bitcoin has "wild price swings" you say? Dish network stock has lost 60% of its value in the last 5 years. In that same time frame Bitcoin is up 2500% to 4000%
Tell me which one you would have rather held over the last 5 years?
"But gold...gold is where you should put your money..."
If you bought gold in 2014 you're up 25% right now. Wonderful.
But if you bought gold in 2012 you're actually down 20% right now. But yet somehow gold, with an unknown amount of supply, and an unknown amount of demand, is the ultimate store of value. Oh by the way if you hadn't noticed, the price HAS fluctuated...alot.
But I've never heard anyone say you shouldn't invest in gold because the price fluctuates too much.
The most important point is...Bacon is too damn expensive and I no longer eat it!
Seriously though,,,Bitcoin beats everything...literally...as a store of value in terms of what's available. It doesn't mean it will always be that way. But if you're comparing BTC to dollars...there really is no comparison.