What Bitcoin is useful for

Describing Bitcoin as a "high risk investment" isn't useful. Describing Bitcoin as an "inflation hedge" or "store of value" seems a bit silly. Describing Bitcoin as a currency gives rise to the obvious criticism that not many places are accepting it as a currency. So what is Bitcoin useful for? I present this take: Bitcoin is a short position on your local currency. You are effectively betting that Governments around the world will spend more than they tax, so they borrow it. The issuer of the loan, through convoluted means, ends up being the Central Bank itself. In other words, you're betting that Governments will remain fiscally reckless and spend more than it makes. You are effectively betting that households and corporations will get more indebted in the future than the present, and this process "creates money" out of nothing so your currency gets a little more worthless every year as a result. The "excess dollars" chasing fewer and fewer Bitcoins being extracted is why it does what it does. This is also why Nigeria, Argentina, and Venezuela have no problems adopting Bitcoin. It's easier to short the Naira and Pesos because the currencies clearly don't hold value. This is also why recessions and rate hikes aren't great for Bitcoin. A short position on the dollar doesn't work very well when people flock to dollars.