To be fair, that's a 10% drop for the day, but for me at least the argument still holds. 10% in one day is a pretty big swing, doubly so if that's a regular occurrence.
I'm not familiar with stock market, but looking at a daily AMZN stock price [1], I honestly can't see a huge difference with Bitcoin. Could it be that BTC is slightly more volatile because of the nature of the market? a) it's open 24/7 b) it's much more accessible.
I can't buy my groceries with AMZN shares, and they're not intended to be able to do that. No one is pretending AMZN shares are going to be a peer to peer currency.
I can't buy my groceries with BTC either, but that's because no store will trust a payment method where within an hour the value of what I've paid them declines 10%.
Nobody is arguing about that. The idea that BTC is a currency is long gone. Bitcoin is a store of value, similar to gold (which you also can't use to buy your groceries).
You absolutely could use gold to back your personal economy. Put dollars into an InteractiveBrokers account, buy GLD. Use your IBKR debit card to borrow against your GLD on margin. Pay it off at the end of the month. You can back your personal economy with literally anything you want that way.
Nobody would keep all of their liquid assets in AMZN stock either.
Put it another way, where'd you get that $400M from? Did you earn it, or get it from venture capitalists? If the asset is such a sure bet, why did the VC give you the money to sit on instead of investing it directly themselves?
And why is it that companies that pay dividends tend to do better in the stock market and be more stable? Essentially a dividend is admitting you have more money than you know what to do with, so you give it back to the shareholders rather than getting distracted from your core competency.
