Bitcoin’s most recently bestowed narrative as a safe-haven asset is showing cracks?

Wrote this as a comment in the daily thread but I thought it could be interesting as a discussion point with its own post, though I’m sure this has been touched on a few times by now. This one is quite fuddy but I hope you can tell it comes from a place of concern and mourning, not malice.

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It’s a real shame that not even Bitcoin seems to be worth putting money into anymore, at least not as much as other assets, with current events putting its long marketed narrative of being a hedge or safe haven against fiat inflation to a real-time, real-world test (after its original narrative of being a currency failed to materialize), and showing that it may well in fact not even serve as that after all either.

I’m not writing this as a bear; it genuinely makes me sad to see the state of crypto after having been in the space in those earlier days. I wish Bitcoin was pumping with gold right now, proving the narrative of being a safe haven to be true, so I could feel good about starting to accumulate a position again at some point.

This doesn’t change the fact that Bitcoin is a pristine, immutable, censorship-resistant asset, Eth is still the world computer offering invaluable decentralized financial services to the unbanked, and Monero is true digital cash, just to name a few.

But, this is just another hole being shown in one of the many narratives of crypto that have been spouted over the years and I hope more people are realizing that some of the things that “nocoiners” have been saying do have some merit, even if it might not be for the same reasons they are/were saying it, as disappointed as I am to say this.

I’ve been a part of the space since early 2017 starting out as an eth miner, building GPU rigs. I’ve made lots of mistakes and no I’m not rich now despite having discovered crypto that early, bc of said mistakes.

That being said, I did make a decent amount of money in the space during the 2020-2021 bull market.

Naive me “got back” into the space in Dec 2024 on beliefs of the cycle being on the full upswing again. Lost a lot of money leverage trading on Hyperliquid, and I kind of rejected crypto from that point on, partially because of the losses but mainly from having “seen the light” that was triggered by that event, that most of crypto is vaporware despite there genuinely being real-world use cases for it, amongst other things.

I guess that was a blessing in disguise, since I became a tradfi normie and went back into the stock market at the beginning of last year and have since made up for those losses and then some.

Why am I writing all of this? I guess just to share my story and perspective, as someone who was here maybe not in the “early days” like pre-2016, but earlier days than now.

I might go back to accumulating a small position of Bitcoin at some point just for the fun spirit of it, but it seems pretty clear that its touted position of being “digital gold” doesn’t seem to be holding much water, at least at this point in time.

Or maybe it’ll go to the moon and I’ll eat my words :)