$BTC Bitcoin is generally described in the article as a speculative investment asset rather than mainly a medium of exchange. The paper argues that Bitcoin’s transaction data and market behavior show it is used more like an investment, while also noting its low correlation with traditional assets �.

Main point

The article’s core claim is that Bitcoin behaves more like an asset than a currency because many holders treat it as something to speculate on, not just spend �. It also says Bitcoin’s volatility makes it less practical as everyday money �.

Related context

A recent Morgan Stanley explainer describes Bitcoin as a decentralized digital currency built for peer-to-peer transfers, with fixed supply and an independent blockchain �. That supports the idea that Bitcoin was designed as money, even if many studies find it functions in practice more like an investment �.

One-line takeaway

Bitcoin was created as digital cash, but the article concludes that its real-world use is mostly speculative investing