I think bitcoin is best understood as a countercyclical bet. Like gold, it is highly volatile but trouble in mainstream markets will always lead to an increase

I think bitcoin is best understood as a countercyclical bet. Like gold, it is highly volatile but trouble in mainstream markets will always lead to an increase in its value. So one would trust a novel currency over the collective interests that stand behind the USD or Euro if one expects a prolonged downturn in those economies or a divergence of the interests behind them.