Narrative 1: Bitcoin as a Store of Value (“Digital Gold”)

This is the dominant interpretation in institutional financial markets. In this framework:

• Bitcoin is compared to gold: scarce, durable, divisible, and transferable.

• It is valued for its predefined monetary policy: a fixed supply of 21 million units.

• It is not expected to be used for everyday payments, but as a refuge against inflation or the depreciation of fiat currencies.

Advantages of this narrative:

• It facilitates integration with banks and investment funds.

• It allows evaluation with traditional financial metrics.

• It increases its legitimacy as an alternative asset.

Criticisms:

• It distances it from its foundational purpose as usable and decentralized money.

• It favors accumulation in the hands of institutional custodians, reintroducing intermediaries.

BSV contrasts this by prioritizing use as electronic cash with unlimited blocks for efficient transactions.