Digging into George Soros’ theory of reflexivity reveals what’s happening to Bitcoin right now.Image Credit to Pixabay via Pexels2020’s coming to an end and it seems clear that it’ll be one of the most chaotic years in history when all is said and done. For Bitcoin, however, it just might be the best yet. As Bitcoin rose above $18,000 this morning, I found myself wondering yet again: “why exactly is this time different?”Yes, institutional adoption is at an all-time high as I’ve pointed out primarily on NBX’s blog here. Still, as Bitcoin and the overall crypto market continue to grow, numerous critics have also resurfaced with same arguments that were most prominent in 2017. “Bitcoin’s merely a bubble.” “It’s too risky to be taken seriously.” These ideas and more are still driving the cases of those who refuse to believe in its rise.Yet, are things really the same this time?Consensus would say, no. If you take all of the leading opinions on Bitcoin in 2020, including Raoul Pal’s, Anthony Pompliano’s, Robert Breedlove’s, Jeff Booth’s, and several from outside of the space such as: Mike McGlone, Paul Tudor Jones, and Stanley Druckenmiller, then you get one overarching conclusion. This time, Bitcoin’s being valued fundamentally differently, especially by institutional investors.For the first time in history, it’s being treated as what it’s always been. Digital gold.If you’re not familiar with the term, just think “a digital currency with a supply that’s limited forever.” There will only ever be 21 million bitcoins and that can’t ever change because Bitcoin’s code forbids such a change. Since that’s true, it’s the first “digitally scarce” asset ever. While these facts have been shared since its inception, it’s taken 10+ years for institutional capital to expect them. This might seem like a long time for Bitcoin’s fundamental value…