One Bitcoin Equals One Bitcoin Becomes the Narrative as the Drop Gets ‘Too Painful’

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 $Bitcoin (BTC.CC)$ is a $Bitcoin (BTC.CC)$ .
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.

Anyone paying attention to the crypto market has become familiar with the many cloaks Bitcoin has donned over the years. Fans had, before 2022, utilized a number of narratives for the coin, including that it could at some point replace gold, or that it’s a great inflation hedge. Most of those narratives have fallen by the wayside this year as prices plunged amid monetary policy tightening. Bitcoin has lost roughly 60% this year and has been trading below $19,000 in recent days, down from a near-$69,000 high at the end of 2021.
$Ethereum (ETH.CC)$ $Cardano (ADA.CC)$ $Binance Coin (BNB.CC)$ $Coinbase (COIN.US)$ $Robinhood (HOOD.US)$