Follow-up: If Bitcoin is primarily a speculative asset, why has the market repeatedly converged on it instead of moving on?

One of the most common responses to my previous post was that Bitcoin’s value is largely speculative.

What I find interesting is that most speculative assets eventually fade as attention shifts elsewhere.

Yet Bitcoin has remained the dominant reference point in digital assets for over a decade despite multiple crashes, regulatory pressure, competing technologies, and changing market narratives.

What explains that persistence?