Bitcoin's recent price drop has reignited discussions about its role in global finance, with analysts and asset managers debating its purpose beyond speculation. Nate Geraci suggests the focus has shifted from price fluctuations to Bitcoin's fundamental purpose, questioning whether it serves as a hedge, payment rail, or speculative asset. This shift in narrative comes as Bitcoin's declining prices prompt a reevaluation of its utility. Critics like Tom Essaye argue that Bitcoin remains a volatile speculative asset, failing to replace gold or act as a reliable inflation hedge. Essaye's skepticism highlights concerns about Bitcoin's stability and usefulness compared to traditional assets. In contrast, asset managers such as Matt Hougan view Bitcoin as an evolving store of value, emphasizing its potential despite current volatility. Hougan argues that Bitcoin's journey from speculation to maturity is ongoing, with its store-of-value potential still developing.