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Bitcoin lost 20% of its value in a month. It's great for speculation, but it seems like a shitty thing to use as a currency.
Its only great for speculation if you can find more suckers to buy in. Apparently the public are going to be forced to be the suckers.
It's likely you already are bought in if you have a typical 401k investment setup as several large firms have btc on their books. Small as it may be, it's likely there.
Its counter cyclical like gold is. In a market crash where aggregate demand drops and interest rates fall it can be used as collateral to fund bailouts as it rises in value. At least I assume that's why central banks historically buy gold for undergoing Keynesian economics.
Bitcoin actually goes up far more than gold during QE as well in its short history, and the supply will soon rise dramatically slower than gold, as each 4 years the new supply halves.
Wouldn't this give it stability?
I've said it before, and I'll say it again. Russia probably has a shitload of BTC to get around sanctions, and are going to rug this stupid Bitcoin reserve.
That's not what makes a currency stable. The Fed wouldn't need to work so hard if that's all it took.
Why? Because a whole bunch of it is locked up somewhere? That's already the case for bitcoin. Only a tiny fraction of the total supply actually moves. The vast majority is either in abandoned or lost wallets, or being held.