On Wednesday and into Thursday, it slumped.

The images are by Jirapong Manustrong.

13 years after its creation, the asset class of bitcoin is still debated.
The volatility of the coin makes it not seen as a store of value by most investors.
The 8 key factors that make up the store of value for gold are listed here.
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Cash flows or dividends aren't the underlying value of the network. The price of bitcoin is determined by supply and demand.

"The network is not inherently valuable, like many of the world's fiat currencies since leaving the gold standard," said the note.

The bank sees the value of the technology in its network. There will only be 21 million bitcoins in existence when the last one is mined. Since the start of the Pandemic, the price of digital goods has gone up as governments around the world have increased their debts and money supply.

Some investors are looking for alternatives to fiat currencies, like gold and bitcoin.

While many are buying cryptocurrencies because they are appreciated and/or are better than other asset classes, we think the merits of bitcoin will endure near-term fluctuations in value, both in terms of digital scarcity as well as a good store of value.

The eight characteristics help define a store of value and how it compares to physical gold.

1. It is durable.

It is not possible to destroy or die offBitcoin. It will survive as long as the network continues, which makes it very hard to destroy. When comparing gold to the digital currency, both are durable.

2. It is portable.

It's easy to store and transport. Large quantities of the digital currency can be sent all over the world in a matter of seconds and can be stored on a cell phone. It is more expensive to store, transport and insure gold.

3. It's a very slimy thing.

All of the othercryptocurrencies are interchangeable withBitcoin. Gold can be seen as better than diamonds, which can have different qualities and shapes that impact value. 24k gold and 14k gold have different values and come in different measures of purity. The edge goes to the digital currency, according to JPMorgan.

4. It is visible.

Today is worth $0.0005, because of the fact thatBitcoin is divided out to eight decimal places. "Gold is not easy to measure."

5. It was scarce.

There is a finite number of coins, capped at 21 million, which will be mined by 2140. There is a finite amount of gold that can be mined. As the price of gold increases, so does the supply.

6. It isifiable.

The transactions on the blockchain are publicly available for all to see. The value of gold can be questionable because it can be forged and its purity can be diminished.

7. It's free from censorship.

Developers and miners have no influence on the users' Bitcoins. Because of the protocol'sdecentralization, it is not subject to the demands or constraints of large corporations or governments. Governments have restricted the transfer of gold throughout history.

8. History.

The store of value created byBitcoin has a limited history. It is thought that gold has been used as a store of value for at least 5,000 years and more likely at least 7,000 years.

Business Insider has an original article.