It's not "cast as", it just is rapidly appreciating asset.
But yeah, knowing that $100 in bitcoin today might be worth $150 in a year does deter buying non-essential stuff. Why is that a bad thing?
Personally, It won't discourage me from buying a hamburger when I'm hungry, but maybe it would make me hold on to my iPhone for a year or 2 longer but you can do as you please and spend every cent you make.
Only until the dollar hits 0 in comparison. Then, it doesn't matter what a bitcoin is "worth", since it's all arbitrary at that point and it can be used as a pure economic unit devoid of any other context.
You should really read The Wealth of Nations before you talk about currencies needing "backed" or "intrinsic" value. It's not in the definition of money at all.
But yeah, knowing that $100 in bitcoin today might be worth $150 in a year does deter buying non-essential stuff. Why is that a bad thing?
Personally, It won't discourage me from buying a hamburger when I'm hungry, but maybe it would make me hold on to my iPhone for a year or 2 longer but you can do as you please and spend every cent you make.