According to monetary historians, the sequence or stages of monetization of an item proceeds as follows:
1. Collectible item
2. Store of value
3. Medium of exchange
4. Unit of account.
Bitcoin is still developing, in Stage 2.
Everything in the world has a dollar price or an exchange rate, even other currencies.
You’re correct, it’s nowhere near a store of value, what with it’s volatility. And it still falls way short as a medium of exchange. Walmart won’t accept it, nor likely would any grocery store.
I don’t see how bitcoin could ever be a store of value. It’s clear its value can evaporate overnight.
I agree it is a collectible item and medium of exchange.
I’m not quite sure what is meant by “unit of account.”
I have 10 bitcoins in my account? OK, it’s a unit of account.