Why the Bitcoin price looks more like a random walk of a cocaine addict — and what that means during ‘financial Armageddon’

Wolfgang Münchau argues that Bitcoin's main problem is investors treating it like a highly cyclical tech stock rather than an alternative store of value. He suggests the crypto community should have actively opposed this characterization as it undermines Bitcoin's long-term value proposition.

• →Bitcoin is being treated as a super procyclical tech stock by investors.
• →This treatment is problematic for Bitcoin's fundamental value proposition.
• →The crypto community failed to push back against this narrative effectively.
• →Bitcoin's current behavior resembles erratic price movements rather than stable store of value.
• →This perception issue could harm Bitcoin during major financial crises.