Bitcoin is tracking global liquidity the same way gold does, with adoption as the multiplier on top. That is the gold 2.0 argument. It has not been tested for 5,000 years. That is the gap. On the other measures, ETFs, US government legitimisation, and the way it responds to liquidity, it is serving the role. Central banks are not yet competing for every coin. That is more about age than about the function.
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