> Bitcoin has no inherent value, it is a string of characters.
So is any digital "good". If you value things that way, nothing on the computer is valuable.
> At least with gold, you can hire artists to create amazing interior design works of art.
Gold's primary value is from it's rarity. Very few cultures value gold for it's artistic attributes, India being the primary one. How often do you see someone wear gold jewelry in western countries?
> BTC Will work as a store of value so long as there are a stream of other people who also believe it is a store of value.
True for anything that is considered rare. The moment people deem it's not good enough or rare enough, it becomes useless. Paintings by famous artists are expensive purely because a certain group of people place high value on them. Otherwise it's just old paint on a canvas.
> If everyone tries to exit on the same week or month the value goes to zero.
If everyone goes to a bank at the same time and try to withdraw, there's no way any bank has the liquidity to be able to process this. Historically countries have placed withdrawal limits to curb this during mania.
> Large banking institutes who purchased billions of dollars in bitcoin will be incentivized to simply hold, or else they would have to admit to their shareholders they paid billions of dollars for a string of characters.
They are incentivized because the value keeps doing up due to it's fixed supply. If I gave you a rock, and I told you every year it's going to go up in value, wouldn't you be incentivized to hold it?
> One event that would be a ‘black swan’ for bitcoin would be a North Korean hack on coinbase. If you disrupt trust in a mainstream bitcoin bank, people would flee.
Yea, that would be disastrous. Unfortunately there's no way to recover stolen bitcoins, and due to it's inherently virtual nature, it makes it extremely susceptible to hacking. From everything you've mentioned this is the only real criticism, and I'm not sure we should let a fear of a black swan event drive us away from a potentially revolutionary financial system.