I Stopped Believing in Bitcoin After 12 Years—CNBC Crypto Trader

Bitcoin has failed to live up to its viral reputation as a store of value during global market fears, forcing a reconsideration among enthusiasts.

For years, Bitcoin carried a certain reputation among supporters. It was first framed as peer-to-peer cash, then rebranded as digital gold. The latter pushed it into the big leagues, as investors viewed it as a hedge to hold firm when the global market is in shock.

However, Bitcoin has been tested, and some long-standing market participants believe it has not lived up to expectations. As a result, they are beginning to question whether that original thesis still holds.

Key Points

• Bitcoin has failed to live up to its viral reputation as a store of value during global market fears, forcing a reconsideration among enthusiasts.
• The concern is not simply about price declines but about how the asset performed during a period of real global market uncertainty.
• When volatility picked up, capital largely flowed toward traditional safe havens rather than Bitcoin.
• The fact that the institutional barriers that once limited participation have largely disappeared further fuels skepticism.
• The next chapter for Bitcoin could center on practical use rather than ideology, specifically on utility for AI agents.

The Bitcoin Store-of-Value Narrative Faces a Test

Ran Neuner, a CNBC trader and founder of Crypto Banter, recently shared that after 12 years as a staunch BTC believer, he has, for the first time, begun to question its thesis.

The candid reflection on X highlighted that the concern is not simply about price declines. Notably, sharp drawdowns have always been part of Bitcoin’s history, as it follows its cyclical pattern of price growth. 

Instead, the unease centers on how the asset performed during a period of real global market uncertainty, including tariffs, currency friction, and fiscal instability.

Typically, this was the environment where a store-of-value narrative should have strengthened. However, when volatility picked up, capital largely flowed toward traditional safe havens rather than Bitcoin. Precious metals like gold and silver attracted the demand from scared investors that many expected BTC to capture.

BTC Performance Raises Questions

This shift has prompted uncomfortable questions. Neuner noted that if Bitcoin is no longer widely used for everyday payments and struggles to attract demand amid financial uncertainty, its role becomes harder to define. The fact that the institutional barriers that once limited participation have largely disappeared further fuels skepticism.

Funds, asset managers, and large allocators can now gain exposure with ease. The X piece highlighted that enthusiasts fought for these things, and once they arrived, there was nothing left to fight for.

Despite that accessibility, Bitcoin has not sustained momentum. Notably, retail activity has cooled to multi-year lows, and several early adopters have stepped back from the market. 

The founder noted that even consistent weekly buyers have struggled to create lasting upside pressure. This comment directly referenced Bitcoin treasury strategy firms like Strategy, which sometimes bought billions worth of BTC every week.

He highlighted that none of this suggests a collapse, as Bitcoin remains deeply embedded in the digital asset ecosystem. However, the earlier confidence that once surrounded it appears less certain.

What’s Next for Bitcoin

Interestingly, Neuner’s caution around Bitcoin does not mean he has entirely written off the premier asset. While he expressed concerns, he made a few points in favor of Bitcoin.

First, he noted that Bitcoin may still be a store of value but didn’t act like that in this cycle. Again, he emphasized that Bitcoin ETFs are still in their infancy and may need more time to help BTC’s cause as a true store of value. However, he tied this sentiment to a Bitcoin pump.

Meanwhile, the CNBC trader sees the next chapter forming around practical use rather than ideology. As artificial intelligence systems and automated services expand, the need for instant, programmable settlement rails could become more important.

In that context, Bitcoin and the broader blockchain networks may serve as infrastructure rather than narrative plays. Besides people, AI agents may require seamless value transfer without banks or cards.

In conclusion, he noted that even if Bitcoin does not capture the use case, it would have a reputation as the technology that helped open the door. Whether it remains the centerpiece or simply the starting point for the broader crypto market to capture the AI agent narrative is now a question Neuner is asking.