The Volatility Debate
Real talk: the debate over whether Bitcoin is actually 'money' is heating up. Saifedean Ammous, author of the 2018 book The Bitcoin Standard, just fired back at critics who claim BTC is too shaky to be used for payments.
Professor Lawrence H. White recently argued in his book Better Money that because Bitcoin’s supply is fixed, it can’t react to demand shifts. His take? That’s exactly why BTC is too volatile to be a reliable medium of exchange and why stablecoins are lowkey eating its lunch when it comes to transaction volume.
The Bull Case
Ammous isn't buying the FUD. He claims that just because you aren't using BTC to buy your morning coffee doesn't mean it isn't functioning as money—holding it as a store of value is already a form of monetary usage. He expects the volatility to chill out as the asset matures, eventually leading to a scenario where Bitcoin is both more stable and bigger than gold.
It’s giving main character energy for the crypto space, but we have to look at the numbers. Bitcoin’s current market cap is sitting around $1.6 trillion, while gold is chilling at nearly $29 trillion. To flip gold, BTC would need to pull an 18x. That’s a massive jump, no cap.
Others in the space are betting on it, too. Back in May 2025, Bitwise researchers predicted a $1 million price tag by 2029, which would put it in the same league as gold. Plus, Blockstream CEO Adam Back has previously noted that global inflation and financial instability make BTC a strong hedge compared to traditional fiat.
Why it matters
While the hype is real, remember that these are just predictions from industry players—not a crystal ball. Never forget that the crypto markets are wild and nothing is financial advice. Always DYOR before you start stacking your bags.
