Bitcoin (CRYPTO: BTC) is seeing a debate over its true identity, with Bitwise Chief Investment Officer Matt Hougan argueing that critics are missing the bigger picture.

Bitcoin’s ‘Identity Crisis’

Bitcoin has fallen more than 40% from its peak amid broader market uncertainty and geopolitical tensions, with no clear catalyst driving crypto prices higher.

The debate now centers less on price and more on purpose. If Bitcoin is not clearly the best hedge, payment system or speculative vehicle, what exactly is it?

A report by Bloomberg noted that geopolitical tensions and U.S. dollar weakness would typically strengthen the “digital gold” narrative.

Instead, investors have poured billions into…

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