I think you need to revisit what the gold price actually did during the recent liquidity crisis. Gold plunged and lost three times the entire market cap of Bitcoin in value. Investors were selling every conceivable asset class just to get to cash. Gold wasn't immune. Bitcoin wasn't immune either. Look at the gold chart if you don't believe me.
We have just witnessed - are witnessing - possibly the biggest global economic crisis in the last 100 years.
And Bitcoin is still at $12,000 AUD.
So if this is one of the worst black swan events in human history, and Bitcoin has endured, that would seem to bode well for a long-term horizon. It's resilient. It doesn't need bailouts, stimulus or intervention. It bounces back every time. It is the ultimate anti-fragile asset.
I would caution people not to dismiss Bitcoin lightly. Considering that it has managed (whether it be through accidental genius or otherwise) to develop an international social compact which enforces cooperation and trust between third parties unlike anything we have ever seen before.
Bitcoin has gone through this crash/recover/crash cycle before, and still gone on to make new all-time highs. Is it really a bubble if the asset comes back to life, with better results than before? I would argue it is still in the price discovery and accumulation phase.
If you don't see the value in an uncorrelated hedge, which can be transmitted anywhere on the planet instantly and securely without a middleman - as well as being an asset which can never be diluted - well, that's on you.
