Is Bitcoin's value a symbol of identity?

This is an interesting question, and I think the answer is: largely yes, but not entirely. It might sound a bit convoluted, so let me break it down for you.

Why is it "yes" a symbol of identity?

You can think of it this way: someone holding Bitcoin, especially in the early days or holding it long-term after a deep dive, might be expressing something through this act.

Belief in Technology and the Future: Holding Bitcoin is like becoming a member of a "future club." It signifies your belief that the financial system of tomorrow will be different from today's, more digital and decentralized. You're not just investing in an asset; you're investing in a possibility. It's an identity statement that says, "I understand the future, and I'm at the forefront of the times."
Spirit of Rebellion or Independence: Bitcoin's original design was to bypass traditional banks and government institutions. Therefore, those who support Bitcoin inherently carry a certain degree of skepticism and a challenging spirit towards the existing system. It's a bit like wearing a punk rock T-shirt when you were young – not necessarily for the music itself, but to express the attitude of "I'm different, I have my own rules." It's an affirmation of the spirit of independence and freedom.
Sense of Belonging to a Circle and Community: Once you enter this circle, you'll encounter a lot of jargon, such as "HODL" (hold on for dear life), "diamond hands," "to the moon," and so on. When you use these terms, insiders immediately recognize you as "one of us." This sense of belonging is very strong, much like sports fans supporting the same team; Bitcoin is their "home team." Everyone shares information, experiences ups and downs together, forming a powerful community identity.
Symbol of Wealth and Foresight: This point is more straightforward. Just as some people wear luxury watches or drive expensive cars, within certain circles, showcasing that you own a significant amount of Bitcoin, or that you seized this opportunity early on, is undoubtedly a "humblebrag" way to prove your wealth and investment acumen. It has become a new type of luxury item in the digital world.

Why is it "not entirely"?

However, if we only view it as a symbol of identity, we're underestimating it. Because for many, it holds a more practical significance.

Pure Investment Tool: For many institutions on Wall Street, or many ordinary investors, Bitcoin is no different from gold or stocks. It's simply a part of their asset allocation, used to diversify risk or pursue high returns. They don't necessarily identify with the underlying culture; they just see from data and charts that it can make money. For them, it has nothing to do with identity; it's purely business.
Real Hedge Tool: In some countries, the local currency depreciates like waste paper (e.g., Argentina, Turkey). For ordinary people there, Bitcoin isn't a trendy identity symbol; it's a lifeline to protect their hard-earned money from evaporating. They convert their money into Bitcoin because it's a global asset, not controlled by their national government, a form of hard currency. Here, its value is practical, not symbolic.
Technical Exploration: Then there's another group, mainly programmers and tech enthusiasts. They are fascinated by the blockchain technology behind Bitcoin, treating it as a grand technological experiment. They buy, sell, and use Bitcoin primarily to research and experience this technology; identity is secondary.

To summarize:

So, Bitcoin's value is like an iceberg.

The part we see above the water is its "identity symbol" – representing belief in technology, a rebellious spirit, community belonging, and wealth status. This part is glamorous and most easily sparks discussion.

But what supports all of this beneath the surface is its deeper value – as a new type of investment asset, a financial tool with practical uses in specific environments, and a revolutionary technology.

For different people, the aspects they see and value are completely different. So, saying it's a symbol of identity is correct, but it's only part of the story.