Odaily Planet Daily News Fidelity recently released a 13-page report on Bitcoin, responding to nine Bitcoin-related criticisms. 1. Criticism: Bitcoin is too volatile to be used as a store of value. Response: Bitcoin's volatility is a trade-off between its perfect supply inelasticity and a non-intervention market. Bitcoin is an emerging store of value that is undergoing financialization, and its volatility will continue to decline. However, compared with other financial assets, Bitcoin's volatility remains relatively high, which is inherent in its completely inelastic supply. 2. Criticism: Bitcoin has failed as a means of payment. Response: Bitcoin has made trade-offs in order to maintain its core properties (such as decentralization and immutability), resulting in limited capacity and transaction throughput. While Bitcoin may not be able to match the transaction speed of traditional payment processors such as Visa, it provides real-time final settlement. Bitcoin is also superior to traditional payment systems. L2 solutions like the Lightning Network can further improve Bitcoin's daily payment capabilities. 3. Criticism: Bitcoin is wasteful and bad for the environment. Response: Most Bitcoin mining is powered by renewable energy or uses energy that would otherwise be wasted. The energy consumption is justified because it provides perfect scarcity, immutability, and security. 4. Criticism: Bitcoin will be replaced by competitors. Response: Bitcoin's network effects, community, and core properties make it difficult to be replaced by competitors. While other digital assets aim to address Bitcoin's limitations, they often compromise on key features. 5. Criticism: Bitcoin is not backed by anything. Response: Bitcoin is not backed by cash flow, industrial utility, or government fiat. Instead, it is backed by its code and the social contract between stakeholders. 6. Criticism: Bugs in Bitcoin's code could render it worthless. Response: Bitcoin's history includes two notable bugs that were quickly resolved by the community. While there may be other bugs, the open source nature of Bitcoin's code combined with strong incentives for stakeholders reduce the risk of serious bugs causing irreversible damage to the network.7. Criticism: Regulation will slow down Bitcoin adoption. Response: Regulation can be seen as a positive sign for Bitcoin adoption. However, current regulatory uncertainty may hinder adoption and development, and clear and appropriate regulation may be beneficial to Bitcoin's growth. 8. Criticism: People may lose interest. Response: Bitcoin's value proposition relies on users and investors' subjective preferences for its core attributes, and Bitcoin's network effects and continued accumulation indicate continued interest and adoption. 9. Criticism: There are "unknown unknowns". Response: There are indeed risks that exceed our awareness, and investors should act with caution and adjust their portfolios accordingly, but this applies to all assets, not just Bitcoin.

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