This morning, I reread Satoshi's white paper. It is clear to me that BTC has evolved beyond his original vision. He envisioned BTC to be a currency and THIS is NOT presently a great use case. But as a long term store of value, there is nothing quite like this technology. 1/n

BTC's strength is a steady march in building confidence globally as an asset class. This is the source of its value proposition. It is a MUCH MORE LIMITED use case than global currency, but ironically MUCH MORE POWERFUL. 2/n

BTC as an asset class is a much stronger *argument* for it than as a currency. BTC as an emerging asset class is difficult to dispute. 50,000 people per day are purchasing Satoshis daily. Not to buy a pack of gum but instinctively fleeing debased fiat LOSING CONFIDENCE. 3/n

BTC's volatility is troubling because this asset class is relatively easy to manipulate. But directionally, confidence and trust is building and not eroding. Once you move beyond the silly currency use case, BTC's role in a portfolio seems a great speculation. 4/n

So in my scale of gambling---> speculation---> investment, I am now PERSONALLY moving BTC from a gamble to speculation. For some, this might not be much of a distinction. None of this is investment advice friends. 5/n