Recently, Matt Hougan from Bitwise shared some interesting thoughts about Bitcoin on social media. Actually, what he said makes quite a lot of sense — skeptics of Bitcoin are overlooking a necessary phase for any new monetary asset to successfully develop.

This warning comes at the right time as Bloomberg published an article calling the current situation a "struggle for survival" for Bitcoin. There are even opinions suggesting that Bitcoin is not digital gold and cannot serve as a hedge against risk or inflation. Sound familiar?

But Hougan offered an intriguing perspective. He believes that Bitcoin in 2009 was 100% speculative, and predicts that by 2050, it will be 0% speculative when owned by central banks. The key point is: "You can't go from 100% speculation to 0% speculation without passing through intermediate stages. Current Bitcoin doesn't fit neatly into any box because it's in an uncomfortable middle ground. But that’s a necessary part of the journey."

This logic is based on a historical precedent from gold. After the US abandoned the gold standard in 1971, this precious metal experienced wild fluctuations. In 1974, it rose 73%, in 1975 it dropped 24%, and in 1981, it lost 33% after a 121% increase two years earlier. If someone in 1975 asked whether gold was a store of value, they would point to that 24% decline and say "no."

Bitcoin’s value over time is following a similar curve. Rapid growth but slowing down over time, high volatility but diminishing. Currently, BTC from its peak near $126K in October 2025 has dropped to around $77.81K. This correction seems consistent with a maturing asset, not a failure.

In fact, Hougan’s perspective is quite convincing — either you believe creating a digital store of value is impossible, or you must accept that Bitcoin is in this "adolescent" stage. And Bitcoin’s value over time will become clearer when we look back in a few years.