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BTC Saifedean Ammous: Bitcoin has already served as a medium of exchange, and its volatility will gradually decrease over time.
Saifedean Ammous, the author of “The Bitcoin Standard,” pointed out that Bitcoin is currently used as a medium of exchange, and its impact due to price fluctuations is expected to reduce over time.
Discussions regarding Bitcoin’s role as a medium of exchange continue.
In a recent post on social media, Ammous stated that as the extreme price fluctuations of Bitcoin decrease, it could become a reliable medium of exchange. He predicted that Bitcoin might even surpass gold in terms of stability and rival gold in terms of market value.
Ammous emphasized that holding Bitcoin itself is a form of using it as currency. He believes that the low usage rate of Bitcoin in everyday payments does not negate its potential as a currency. On the contrary, he expects this process to deepen as the network becomes more mature.
“Holding Bitcoin means using it as currency. The fact that it isn’t widely used as a payment method doesn’t mean its currencyization process hasn’t begun,” said Ammous.
His remarks were in response to the views of economist Lawrence H. White, author of “Better Money: Gold, Fiat, or Bitcoin?” White argued that Bitcoin’s fixed supply leads to severe price fluctuations, making it unsuitable as a reliable medium of exchange.
In Chapter 6 of his book, White warns that due to Bitcoin’s inability to respond to changes in demand, its price becomes overly unstable, making it unsuitable for everyday transactions. He also points out that this limitation allows stablecoins to overtake Bitcoin in terms of daily trading volume, becoming the dominant currency.
White writes, “Since the supply side cannot respond to fluctuations in demand, the price of Bitcoin is too volatile for those who wish to have a reliable medium of exchange.”
Explanation of terms: A stablecoin is a digital currency designed to maintain its value by being tied to reserve assets like the US dollar or euro. Due to its lower volatility compared to other cryptocurrencies, stablecoins are widely used in payment scenarios.
Industry predictions compared to gold
Many analysts in the cryptocurrency industry predict that Bitcoin could eventually reach or even surpass the market capitalization of gold. In May 2025, André Dragosch, head of European research at leading crypto asset management company Bitwise, predicted that Bitcoin’s price could reach $1 million by 2029. If this prediction holds true, Bitcoin’s total market value would be comparable to that of gold.
Currently, Bitcoin’s market value is approximately $1.6 trillion, while the global market value of gold is nearly $29 trillion. To become the primary form of value storage, Bitcoin’s market value would need to increase by at least 18 times its current level.
区块链科技公司Blockstream的首席执行官亚当·贝克（Adam Back）在2025年4月预测，比特币将开始与传统意义上作为货币对冲工具的黄金展开竞争。他指出，全球金融不稳定性加剧以及法币通胀，可能是推动比特币作为替代性价值储藏手段重要性日益提升的潜在催化剂。
