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Was BTC ever 'more stable' on a monthly basis compared to other financial instruments? Do people usually hedge against "market instability" in 6 month increments? This seems like a spurious argument.

If you have hedged against USD inflation or stock bubbles or whatever for 5 years in BTC, you are currently up 808%.

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The original case for Bitcoin was made after the 2008 market crash to allow for a tool that could act as a hedge against the market instabilities that led up to the crash. So yeah, it is a spurious argument. It's a spurious argument that was made for bitcoin.

That is a confused, post-facto revisionist account of history.

The Satoshi whitepaper says the motivations are for "a system for electronic transactions without relying upon trust" and mention nothing about macro-economic forces.

For the first few years of Bitcoin, us users had no expectations about the price movement of the coin, let alone value stability. If we had any such delusions at the time, no one would have bought pizza for 10K bitcoins. I wouldn't have bought a Bitcoin t-shirt for 6 Bitcoin.

https://bitcoin.org/bitcoin.pdf

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