I see Bitcoin closer to the art market then to gold or a currency. There is de facto no universal rule for pricing a work of art other than what someone is willing to pay for it at auctions. As long as everyone assumes that artworks will be sold more expensive in the future and no one sells below the purchase price, the prices will rise - provided that the interest in it remains upright.
I wonder when and if they will pass an act outlawing or “regulating” bitcoin/crypto like that was passed for gold in 1934:<p><a href="https://en.wikipedia.org/wiki/Gold_Reserve_Act" rel="nofollow">https://en.wikipedia.org/wiki/Gold_Reserve_Act</a><p>Hillary Clinton talks about how crypto is a threat to currencies and especially to the dollar as a reserve currency (minute 29:30):<p><a href="https://www.bloomberg.com/news/videos/2021-11-19/great-power-competition-the-emerging-world-order-video" rel="nofollow">https://www.bloomberg.com/news/videos/2021-11-19/great-power...</a>
While it's still debatable whether crypto currencies are pure speculation vs. the new "gold" vs. a new currency that will kill the national ones -<p>As a philosophical idea, can we at least agree that the inherent value of Bitcoin and the fundamental reason some people invest in it is... the beauty of mathematics?
I think these central banks really underestimate the Bitcoin maximalists.<p>These people will hold and buy Bitcoin for the rest of their lives.<p>Half of all Bitcoin hasn't been moved in 2+ years, despite multiple -50% moves.<p>The price went from 20k to 2k and most wallets didn't even have a coin move from it.
Bitcoin is a huge bubble, being driven up by speculation and some rather dodgy stablecoins. It's hard to say how long it will be able to sustain it's price, but if that bubble pops it could bring down the entire economy.
TL;DR: Bitcoin fundamental value is scarcity, hence we think it can theoretically be worthless in the long run.
What's surely worthless is reading that article.
Bitcoin just like any other currency, is worth exactly what people <i>think</i> it is worth. The entire financial system is basically a collective delusion of sorts. Any currency can become worthless as faith in it drops out.