Bitcoin Faces Identity Crisis Amid Rising Competition

Bitcoin, often referred to as 'digital gold,' has been facing increased competition from other assets and investment options. According to a recent analysis by Bloomberg, the cryptocurrency's falling prices, exchange-traded fund outflows, and rising competition from gold, stablecoins, and prediction markets are testing its long-standing narratives.

The report argues that Bitcoin's challenge is no longer just about price action but about purpose, questioning its role in a crowded digital economy. The authors suggest that if Bitcoin is not the premier macro hedge, payment rail, or venue for speculation, then what exactly is its role?