Bitcoin has been called many things over the years. A currency. Digital gold. A hedge against inflation. Despite the debate about Bitcoin as money, most users treat it like an asset. They buy it, hold it, and think about how it fits into long-term financial planning. During a recent interview with TheStreet Roundtable, SALT Lending's Chief Revenue Officer Hunter Albright described Bitcoin less as a theoretical technology and more as a practical tool for building wealth, saying, “It’s a store of value rig ...

Core Insights - Bitcoin is transitioning from a peer-to-peer currency to a store of value, as indicated by a significant decline in network activity and active addresses [2][3]. Group 1: Bitcoin Network Activity - There has been a 42.6% decline in Bitcoin's active addresses since 2021, suggesting a shift in usage patterns [2]. - Bitcoin's exchange supply ratio has decreased significantly since January 2023, indicating a reduction in liquid supply as investors prefer to hold rather than trade [2][3]. - The Mean Coin Age of Bitcoin has increased by 16% since January 2023, further reflecting a trend towards HODLing [4]. Group 2: Bitcoin's Performance - Bitcoin's performance in 2025 has not supported its image as a reliable store of value, with a 4.23% decline from the start of the year [6]. - In contrast, physical gold-backed cryptocurrencies have seen substantial growth, with increases over 70% this year, highlighting their role as effective wealth preservers [7].

Core Viewpoint - Bitcoin is presented as a superior store of value compared to gold, with four key advantages that make it more appealing as an investment asset [1][4][13]. Group 1: Comparison with Gold - Gold has historically been the preferred store of value due to its rarity and other qualities, but it has limitations that Bitcoin addresses [2][3]. - Bitcoin has a fixed supply of 21 million coins, while gold continues to be mined, raising concerns about future supply [5][6]. - Bitcoin is more fungible than gold, as it does not require purity verification for each unit [7]. Group 2: Unique Advantages of Bitcoin - Bitcoin is impossible to counterfeit due to its unhackable open-source code, unlike gold which, while difficult to counterfeit, is not immune [10]. - Bitcoin offers superior portability, allowing for instant transfers across long distances without the need for physical handling [12]. - Despite Bitcoin's higher volatility compared to gold, it is viewed as having greater long-term potential upside [12][13].

Group 1: Gold Market Dynamics - The price of gold reached a record high of $4,462.10 per troy ounce, marking a 69% increase year to date, significantly outperforming the S&P 500's 17% rise [1] - Factors driving gold's rise include political instability, low interest rates, and the decline of Bitcoin, reinforcing gold's position as a safe haven asset [1][5] - Analysts suggest that the current economic environment, characterized by a weakening labor market and potential interest rate cuts by the Federal Reserve, is favorable for gold [3][7] Group 2: Bitcoin's Decline - Bitcoin's narrative as a reliable store of value has faltered, with its price dropping from a high of approximately $125K to a low of $84.2K, a decline of 34% [4] - The collapse of Bitcoin has led anxious investors to seek refuge in gold, further boosting its demand [5] Group 3: Economic Policies Impacting Gold - The potential for a $2,000 "free money" giveaway by the Trump administration is expected to devalue existing currency, making gold more attractive [6] - The ongoing fiscal deficits projected at $1.8 trillion to $1.9 trillion over the coming years, combined with existing national debt of $38 trillion, contribute to the depreciation of the dollar, which is beneficial for gold [7]

In the last 30 days, the only ones that have bought and there areund well 164 with countries included 164 of these DATs. You you've got the ones that actually bought some was strategy El Salvador uh Eric Trump's company American Bitcoin Pro Cap Cananan Anop DDC that's seven hypers scale 11 12 13 14 only 14 out 164 bought and out of those 164 you had Exodus sell 245 Satsuma Tech sell 579 that's it I just can't wrap my head like if you believe in Bitcoin and what it what it what it's supposed to do what it co ...

In the last 30 days, the only ones that have bought and there areund well 164 with countries included 164 of these DATs. You you've got the ones that actually bought some was strategy El Salvador uh Eric Trump's company American Bitcoin Pro Cap Cananan Anop DDC that's seven hypers scale 11 12 13 14 only 14 out 164 bought and out of those 164 you had Exodus sell 245 Satsuma Tech sell 579 that's it I just can't wrap my head like if you believe in Bitcoin and what it what it what it's supposed to do what it co ...

Bitcoin's sharp pullback from its recent record high wiped out its year-to-date gains, and that's led to questions about aggressive price targets for the cryptocurrency into 2026. But as important as where bitcoin's price goes next is a question about the role bitcoin really serves in a portfolio: When will it consistently behave like a store of value?"It's still going to have to prove itself as that digital store value over a longer period of time," Nate Geraci, NovaDius Wealth Management president, said o ...

Core Insights - Bitcoin is increasingly viewed as a digital equivalent of gold, recognized for its potential as a long-term store of value [1] - Over the past five years, a $1 investment in Bitcoin would have grown to approximately $9.50, while the same investment in gold would have only reached about $2, highlighting Bitcoin's superior performance [2] - Despite its impressive growth, Bitcoin's volatility makes it a risky investment, particularly for retirees who rely on stable withdrawals [3][5] Investment Performance - Bitcoin's value has surged significantly compared to gold, with a dramatic increase in returns over a five-year period [2] - The volatility of Bitcoin is likened to dynamite compared to the stability of gold, emphasizing the risks associated with investing in Bitcoin [3] Retirement Considerations - Retirees should be cautious about investing heavily in Bitcoin due to its potential for sudden and extreme drawdowns, which can jeopardize retirement plans [5][6] - A hypothetical scenario illustrates the risks: a retiree investing in Bitcoin could face significant losses during downturns, forcing them to withdraw a larger percentage of their portfolio to cover expenses [6][7] - Diversification into stable assets like gold and a broader range of stocks is recommended to maintain consistent withdrawal rates during market fluctuations [7]

Core Viewpoint - Gold is not considered a true financial asset due to its lack of cash flows, as emphasized by valuation professor Aswath Damodaran and supported by Warren Buffett's long-held skepticism [1][2][3] Gold Valuation - Damodaran classifies gold as a "collectible," with its price driven by market sentiment rather than intrinsic value, contrasting it with financial assets like stocks and bonds that generate cash flows [2][4][6] - The value of gold is determined by demand and supply, similar to rare collectibles, rather than being based on fundamental analysis [4][6] Market Dynamics - The recent surge in gold prices, which reached $4,300 an ounce in 2025, is attributed to factors such as mistrust in central banks and global uncertainty, expanding the niche of gold buyers [5][6] - Gold has seen a significant price increase of 24.31% over the last six months and 57.74% over the last year [7] Gold ETFs Performance - Several gold-linked ETFs have shown strong performance, with year-to-date returns exceeding 54% for multiple funds, indicating investor interest in gold as a potential investment vehicle [8][9]

Company Strategy & Financial Instruments - Bitcoin Standard Treasury (BSTR) 通过与 Caner Fitzgerald 合作，进行了一系列金融融资 [3] - BSTR 计划与一家特殊目的收购公司 (SPAC) 合并，该公司在纳斯达克上市，股票代码为 SEO [4] - BSTR 在不同轮融资中持有 25,000 个比特币，价值约 30 亿美元 [4] - 该公司通过 SPAC 筹集了大约 2 亿美元，具体金额取决于赎回比例 [5] - BSTR 还进行了 4 亿美元的股权融资 (Dollar Equity Pipe) 和 5 亿美元的可转换票据融资 [5] - BSTR 发行了可转换优先股，类似于 MicroStrategy 的做法 [6] - BSTR 进行了比特币本位的股权融资 (Bitcoin Basis Equity Pipe)，允许比特币投资者直接投资比特币 [7][8] Bitcoin & Treasury Management - 新公司 BSTR 约 60%-70% 的资金来自比特币，包括 BSTR 持有的 25,000 个比特币和 5,000 个比特币的股权融资 [9] - 比特币投资者获得的股票数量取决于交割时比特币的价格与 10 美元参考价格的比率 [10] - 创始人股东将 25,000 个比特币投入使用 [12] - MicroStrategy 开创了 treasury 公司市场，关注每股比特币的增长率 [14] - 长期来看，比特币可以成为一种可靠的价值储存手段，从而推动其被更广泛地采用 [29] - 公司可以通过增加每股比特币数量来超越比特币的表现 [33] Market Dynamics & Investment - 管理层的动机和对比特币的关注是投资 treasury 公司的重要考虑因素 [24] - GameStop 未能有效利用募集资金购买比特币，这突显了管理层对比特币的承诺的重要性 [26] - 比特币挖矿公司更容易通过购买比特币而不是挖矿来获利 [35] - 比特币具有改变人们对长期偏好的能力，鼓励储蓄而非消费 [37] - 个人可能会开始以比特币而非美元来衡量储蓄 [38]