Crypto influencer Ran Neuner said Bitcoin (CRYPTO: BTC) failed its defining test as a store of value, questioning the entire thesis for the first time in 12 years after capital fled to gold instead of BTC during recent market stress.
The Store Of Value Failure
Neuner argued Bitcoin evolved from “peer-to-peer cash” into “digital gold” as the community fought for ETF approval and institutional access.
When tariffs, currency tension, and fiscal instability finally hit, this was supposed to be Bitcoin’s moment to prove its store of value thesis.
“Instead, capital ran to gold,” Neuner wrote on X. “Institutions had access. There were no barriers left. That’s the uncomfortable part.”
The narrative collapse matters because Bitcoin abandoned the peer-to-peer cash vision in 2017 when the community rejected increasing block sizes.
The market then shifted to the store of value narrative—Bitcoin as digital gold with limited …