According to Eric Balchunas, BTC’s key utility is being money that governments cannot debase, elevating Bitcoin’s role as a debasement hedge over a payments network, as stated by Eric Balchunas on X on Dec 8, 2025. He added that if BTC is ever adopted as currency, that would be a bonus rather than a requirement, signaling a store-of-value first thesis, as stated by Eric Balchunas on X on Dec 8, 2025. He also argued that assets can be valuable without direct utility, citing psychological assets, which frames BTC within a value-and-scarcity narrative relevant to trading theses, as stated by Eric Balchunas on X on Dec 8, 2025.