Bitcoin (BTCUSD) was originally envisioned as a peer-to-peer electronic payment system. Later, advocates rebranded it as “digital gold” — a high-octane store of value designed to outpace inflation. This was the replacement for fiat currencies, a speculative dream, a mission-driven asset, and a way for the bottom of the global K-shaped economy to finally get on fair footing with the ultra-rich.
And then, this happened. Two years of ups and downs in the price of the iShares Bitcoin ETF (IBIT) that led to zero return. Bitcoin has been a wash.
