An interesting turn in the raison d'être behind Bitcoin took place this year, writes Matthew Morris, director of Carr Consulting & Communications.
Previously hailed as the future of transactions and cross border payments, it became increasingly common to hear the crypto founding fathers describe Bitcoin as digital gold.
As transaction times increased, costs soared and the value of a Bitcoin dropped, this shift to rebrand Bitcoin as a store of value seems like nothing more than sleight of hand.
And plain silly too considering its volatility. In fact, Bitcoin's closest rival and crypto cousin, Bitcoin Cash, has positioned itself as a fast and cheap alternative to Bitcoin.
These are just some of the reasons why the price of a Bitcoin collapsed in 2018. However, to understand the idea of Bitcoin as digital gold, it's worth bearing in mind the difference between currency and money.
While there are similarities, money should also be a store of value with limited supply whereas currency can be inflated, in theory, to infinity.
This gets to the heart of why Bitcoin was created and why is has so many fans, many of whom believe quantitative easing will lead to hyper-inflation.
The supply is limited to 21 million and its production is regulated to roughly one every ten minutes so the last Bitcoin will be created in 2140.
In a post-Lehman's era where the established order is seen as disreputable, combined with high-profile financial commentators like Jim Rogers and Peter Schiff warning of a coming sovereign debt crisis and the end of the dollar standard, many seek an alternative.
So why not gold? To Bitcoin bulls the answer is historic. After the Wall Street Crash, the US banned the private ownership of gold, except for small amounts, for 40 years from 1933 until 1974.
Citizens had to hand over their gold in return for dollars or face up to ten years in jail. The UK issued similar legislation in 1966. In the event of a sovereign debt crisis we may see a bail-in rather than a bail-out, with individuals' gold and silver holdings in the firing line.
A saver could squirrel it away in a secret offshore account, but it wouldn't be easily accessible or spendable.
The difference with Bitcoin is that it is stored everywhere and nowhere on a digital blockchain and to access funds only a smartphone and an internet connection is needed.
If you are sceptical or even dismissive of Bitcoin, it is worth at least understanding the psychological dynamics at play because, rightly or wrongly, when the next financial crisis occurs, these will be the forces that could drive the next Bitcoin bull market.