Cryptocurrencies
One Bitcoin Equals One Bitcoin Becomes the Narrative as the Drop Gets ‘Too Painful’
- Bitcoin, other digital tokens are tumbling while Fed tightens
- 1 BTC = 1 BTC is something Bitcoin maximalists say, says Lim
This article is for subscribers only.
Virtual money, digital gold, inflation hedge, uncorrelated asset, store of value: those are phrases once used by Bitcoin’s fans to describe the cryptocurrency’s virtues. Its new narrative? A Bitcoin is a Bitcoin.
That’s the expression that’s making its rounds on Twitter in recent days, where users, amid a deep decline in prices, have been posting that 1 BTC = 1 BTC. The idea is that it doesn’t really matter what the coin’s price is. Its supply is fixed and that should, theoretically, act as a buoy for prices in the long run.