The Bullish Case for Bitcoin

Published during a brutal bear market when Bitcoin skeptics were declaring it dead, Boyapati's essay reframed the entire debate: Bitcoin wasn't failing to become a medium of exchange (something you buy coffee with), it was still early in the process of becoming a store of value (something people hold because they trust it'll retain worth) — a necessary earlier stage that historically precedes anything becoming widely used as everyday money. Using Austrian economic theory, he lays out four stages any monetary good passes through: collectible, store of value, medium of exchange, and finally unit of account — and argues Bitcoin was transitioning from the first stage into the second.