You touched on the central debate over Bitcoin.
Is it an asset, like stock?
Or, is it a medium of exchange, like a sovereign currency?
To me, it is a currency, and its value is exactly equal to the degree of confidence that savers, consumers, and business owners have in it.
it’s not a currency......what can you buy with it without first converting it to $$ ?
If you buy it and keep accumulating, expecting some future appreciation, you are treating it as a capital asset.