Bitcoin's evolution tells an interesting story through three major chapters.

First came the Peer-to-Peer Cash era (2009-2013). The Silk Road represented this period's identity—Bitcoin actually worked for direct transactions between people. It proved the concept, though adoption stayed pretty niche. Most people didn't need it yet.

Then came Digital Gold (2014-2024). Wall Street showed up, institutional capital flooded in through ETFs, and the narrative shifted hard. Everyone was HODLing instead of transacting. The irony? All that money parked in Bitcoin wasn't actually moving around. It sat there, accumulating value on paper but barely circulating in the real economy.

Now we're potentially entering something different. The question isn't whether Bitcoin survives—it's what role it actually plays next. Will it remain primarily a store of value, or does the next chapter bring renewed focus on utility and movement? That's where the real tension sits for the market.