Is Bitcoin a Viable Store of Value? Insights from Bitcoin OG WhalePanda

Is Bitcoin a good store of value? Bitcoin OG WhalePanda thinks otherwise

This article discusses current perspectives on Bitcoin's status as a store of value, featuring insights from crypto influencer WhalePanda. While some see Bitcoin as a reliable asset, WhalePanda presents arguments against this view, contrasting it with the performance of other assets like gold and stocks.

Key Takeaways

WhalePanda raises doubts about Bitcoin’s reputation as a true store of value.
Despite its peak at $124,000, he argues inflation undermines this all-time high.
Other assets like gold and major stocks currently perform better than Bitcoin.
WhalePanda emphasizes Bitcoin’s utility as a means of exchange over its investment value.

The Debate Over Bitcoin as a Store of Value

Stefan Jespers, widely recognized in the crypto community as WhalePanda, recently took to X (Twitter) to question whether Bitcoin truly qualifies as a store of value. While this sentiment is not widely popularized among crypto enthusiasts, it certainly has its supporters. Let's delve into WhalePanda's viewpoints.

Current Challenges Facing Bitcoin

Bitcoin struggles with a notoriously low transaction capacity, processing only about five to seven transactions per second. To provide some context, Visa can handle around 24,000 transactions per second. Multiple developers are actively working to improve Bitcoin's scalability.

Many Bitcoin advocates dismiss the concept of Bitcoin as a payment method, firmly believing it serves better as a store of value. Michael Saylor, the CEO of MicroStrategy, one of the largest corporate holders of Bitcoin, argues that Bitcoin should be viewed as a capital asset akin to gold—only more effective because of its digital nature.

Conversely, advocates like Jack Dorsey, co-founder of Twitter and CEO of Block Inc., contend that for Bitcoin to maintain its relevance, it must be utilized for everyday transactions.

Concerns Beyond Network Capacity

Aside from Bitcoin’s low transaction capacity, users are also reluctant to use it for payments due to fears of missing out on potential profits. As Jameson Lopp, a CTO at crypto custodian Casa, humorously pointed out, “No one wants to be a pizza guy,” referencing the historic case where Laszlo Hanyecz famously spent 10,000 BTC on two pizzas back in 2010.

The notion of Bitcoin as a store of value has become prevalent, leading many companies and even countries to consider holding Bitcoin reserves. Yet, WhalePanda has voiced his skepticism regarding Bitcoin's reliability as a long-term value store.

WhalePanda's Perspective on Bitcoin's Value

In a series of tweets, WhalePanda articulated his concerns about Bitcoin’s status as a store of value. He believes that the $124,000 peak reached on August 14, 2025, isn’t necessarily the high point of this bull run. He speculated that October might see prices rising further, noting that historically, October has been a beneficial month for Bitcoin.

WhalePanda also mentioned that when taking inflation into account, the $124,000 price doesn’t represent a true all-time high. He pointed out that the value of the U.S. dollar has decreased by 10% in 2025, thus proposing that the actual peak price should be considered as December 2024, when Bitcoin surpassed $106,000.

Earlier on August 14, WhalePanda challenged the notion that Bitcoin is currently in a bull market, arguing that the price of $124,000 does not set a new record when compared to other currencies like the Euro. He further emphasized that larger cap assets have outperformed Bitcoin, stating, “Higher market cap stocks have 5-10% days, and Bitcoin can’t,” claiming only Strategy performed worse than Bitcoin.

“If this was the top of the cycle, why hold BTC as a store of value?” WhalePanda questioned. He elaborated, stating there’s no logic in holding onto an asset that may lose up to 80% of its value, referencing Bitcoin’s decline in November 2018.

An Alternative Evaluation of Bitcoin's Performance

WhalePanda offered a different analysis of Bitcoin's price changes over the last four years. Instead of framing it as rising from $16,000 to $124,000 (the lowest to the highest point), he opted to compare two recent peaks—from $69,000 to $124,000—yielding a less impressive gain of under 50%.

This perspective is crucial, as individuals who purchased Bitcoin at $69,000 have seen minimal gains with the subsequent peak at $124,000. WhalePanda juxtaposed Bitcoin’s performance with gold’s stable yet gradual appreciation.

“Gold has outperformed Bitcoin,” he noted, “and likewise, many significant stocks have displayed greater price appreciation.”

Comparing Bitcoin to Other Assets

While Bitcoin has shown significant growth over its lifespan, WhalePanda pointed out that other investments may yield better returns. Taking a look back, it took Bitcoin eight years to climb from $20,000 to $124,000—an increase of over 500%. However, notable stocks such as Nvidia (NVDA) skyrocketed from around $4 to roughly $180 in the same period. Additionally, shares of Sterling Infrastructure, Inc. (STRL) rose from $13 to $295, and AMD’s stock surged from $14 to $166.

All these stocks have demonstrated consistent price growth while remaining less volatile than Bitcoin.

Bitcoin's Future Role

WhalePanda believes Bitcoin retains its significance as an "uncensorable means of exchange," although he does not advocate for it as the ideal store of value. He cautioned against the mindset of those who eagerly anticipate buying Bitcoin at lower prices, urging that failure to outperform other assets would undermine its status as a store of value.

In summary, while Bitcoin's potential as a transformational financial technology remains, its reputation as a reliable store of value is under scrutiny, especially compared to traditional assets like gold and stocks.