If we only look at the past five years, $BTC indeed hasn't outperformed gold and the US stock market; but when extending the window to after August 2020, the conclusion changes. The market isn't really debating whether it has risen or fallen, but rather what time frame to view it in. Short-term traders may be influenced by this debate, but in the long run, it depends on whether investors are willing to continue valuing $BTC as a scarce asset. $BTC