Bitcoin has new narrative as the drop gets ‘too painful’

Speculative play: Logos of cryptocurrencies at an exchange in Barcelona, Spain. Anyone paying attention to the crypto market has become familiar with the many cloaks bitcoin has donned over the years. — Bloomberg

NEW YORK: Virtual money, digital gold, inflation hedge, uncorrelated asset, store of value: those are phrases once used by bitcoin’s fans to describe the cryptocurrency’s virtues.

Its new narrative? A bitcoin is a bitcoin. That’s the expression that’s making its rounds on Twitter in recent days, where users, amid a deep decline in prices, have been posting that 1 BTC = 1 BTC.