The Bullish Case for Bitcoin

The mechanism is a historical framework for how something becomes money, applied to Bitcoin's specific properties. A good only becomes a useful medium of exchange once enough people already trust it holds value reliably (store of value) — trying to skip straight to 'spend it on coffee' before that trust is established is backwards, historically speaking (gold followed the same stages over centuries). Boyapati argues Bitcoin's specific properties — a strictly capped, disinflationary supply of 21 million coins, and resistance to censorship or seizure by any single authority — give it structural advantages over both fiat currency (which can be printed without limit) and gold (which is heavy, hard to verify, and hard to transport) for the store-of-value stage specifically, even while its price remains volatile during that transition.