Bitcoin is still in its adolescence — this point was strongly emphasized by Bitwise CIO Matt Haug in social media. Amid recent market downturns and headlines like "Bitcoin is dead," people forget that any new monetary asset must go through an inevitable period of volatility to mature.

In a recent Bloomberg report, critics like former trader Tom Asee said that Bitcoin is not replacing gold nor is it digital gold. Their argument states that if BTC is viewed as a hedge against inflation or a means of payment, it has failed. But Haug’s response is interesting — he says that in 2009, Bitcoin was 100% speculation, and by 2050, it might be 0% speculation. The entire journey in between is actually what matters.

Haug pointed to gold’s performance after the U.S. abandoned the gold standard in 1971. Gold was highly volatile after Nixon’s decision — it rose 73% in 1974, then fell 24% in 1975, and lost 33% of its value in 1981. If you asked someone in 1975 whether gold was a store of value, they would point to the 24% decline that year and say no.

Haug argues that Bitcoin is following the same pattern. Rapid price increases, then slowing down, along with high but decreasing volatility. A nearly 50% drop from the peak in October 2025 — this is not a sign of failure, but of maturation.

Bitcoin’s current price is around $77.80K. The point is, either you believe that creating a digital store of value is impossible, or you must understand that BTC is just passing through this young phase. Searches for "Bitcoin is dead" on Google are at their highest since October 2022 — some traders see this as a sign that a bottom may be forming.