Bitcoin as Digital Gold vs Speculative Bubble

Bitcoin's fixed 21 million supply makes it the hardest asset ever created, yet its cyclical 70%+ drawdowns fuel the speculative bubble narrative. Bitcoin ETFs gained approval, but a 2022 data point shows a 64% peak-to-trough loss versus gold's 9% decline in the same period. Compared to gold's millennia-long stability and 1-2% annual supply increase, Bitcoin's 50%+ drawdowns occur three times more frequently, with the runner-up asset class (gold) experiencing far milder corrections. The debate hinges on whether absolute scarcity justifies such extreme volatility.