Fiat currencies are evaluated on a variety of factors from usability and integrity to interest rates and demand; ultimately, bitcoin should be assessed on a wider set of criteria.

The price of bitcoin has long been a media obsession.

Every industry milestone appears defined solely by the price of bitcoin the following day: “Bitcoin price falls 15% following launch of ETFs,” crowed the Financial Times, following the US Securities and Exchange Commission’s bitcoin ETF approval in January. 

This is slightly unfair. 

Between July and November last year, the euro fell 7% against the US dollar, and no one questioned the validity of the former as a means of exchange. This is because the…

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