If we don't think about it from the perspective of currency, everything about bitcoin will be meaningless.

Because bitcoin has a mission, bitcoin is to make revolution, and the object of revolution is the US dollar. If, in the end, bitcoin will become an investment product like gold, and Nakamoto will die.

Gold, US dollar and bitcoin are all products of human behavior, not of human design, as the Scottish philosopher Adam Ferguson said.

The gold standard and the US dollar standard are both the results of human careful choice. Bitcoin, from a paper to now, is the world's largest virtual currency. Whether bitcoin will replace the US dollar depends on the choice of human beings.

Maybe the dollar will eventually be replaced by other currencies, but for now, it can't be bitcoin.

Because bitcoin is more strict with the growth of quantity than gold. Today, it is the consensus of economists that the gold standard caused the great depression in 1929. Therefore, once bitcoin becomes the world's reserve currency, deflation will be inevitable. This is also an important reason why mainstream economists oppose returning to the gold standard and deny that bitcoin will become the world's reserve currency.

However, although the gold standard is dead, gold is still an important reserve asset of central banks. By the end of 2020, the United States is the largest, with more than 8100 tons; Germany is the second, with more than 3300 tons; Italy is the third, with more than 2450 tons; France is the fourth, with more than 2430 tons; Russia is the fifth, with more than 2290 tons; China is the sixth, with more than 1900 tons.

Should this be an old saying: gold always shines, and the value of gold is not underestimated. Also, you should firmly believe that the value of bitcoin will not be underestimated. However, compared with gold's long history of thousands of years, bitcoin has only gone through 12 years. It is still very young and needs a process of growth.

Maybe Nakamoto has never dreamed of making bitcoin a currency. Maybe he just wants to do an experiment on currency. However, I didn't expect this experiment to be so successful.

Bitcoin, which can not replace the US dollar, does not affect your purchase of bitcoin.

Bitcoin, as a value storage tool similar to gold, has many advantages. Bitcoin, for example, can make your property inviolable.

(2021-4-12)