The cryptocurrency market is abuzz with discussions about bitcoin's evolution and future prospects. In a recent discussion, Roundtable anchor Rob Nelson and Simon Baksys, VP of Business Development at LayerZero Labs, offered insightful perspectives on bitcoin's multifaceted nature and its trajectory.

Bitcoin, often dubbed "digital gold," has transitioned from a revolutionary concept to a robust store of value. Rob Nelson highlighted this unique aspect by emphasizing bitcoin's triple identity: A finite asset, a currency, and a technology. He noted, "Bitcoin is a technology and an asset in the traditional sense as well as a currency, it's like three in one."

Simon Baksys echoed this sentiment, pointing out that early adopters were captivated by the promise and technology behind bitcoin, rather than just its financial potential. He remarked, "It wasn't because I can buy bitcoin and now it's $65,000... it was the promise of this technology. It's the promise of peer-to-peer payments, cross-border remittances speed, not having to take two to three days on transferring money."

This foundation set the stage for bitcoin's evolution. Initially, bitcoin's value was rooted in its technological promise. Over time, innovations like stablecoins have enhanced its utility, making peer-to-peer and cross-border payments more efficient. This has cemented bitcoin's role as a store of value.

Looking ahead, Nelson inquired about the future, particularly in terms of price and volatility. Baksys predicted a gradual decrease in volatility as adoption grows and more institutional players enter the market. He highlighted the significant increase in bitcoin held in ETFs, now over a million bitcoin, equivalent to roughly $65 billion. This institutional involvement is a far cry from the situation just a year ago.

Baksys anticipates that as the industry matures, the extreme price swings seen in the past will lessen. He mentioned, "I think we'll see less and less volatility... which is generally a good thing. That means we're reaching a level of maturity in the industry."