how much does a bitcoin worth?
Some say:Worthless. Its just a Ponzi scheme.
Some hail:Priceless! Its the future of money.
A Chinese economist Ou Chengxiao, often nicknamedOu Guru said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?
Whether he is right or wrong, he is entitled to his opinion, because as a respectable figure in his area of specialization, I am sure he has a reason for arriving at that conclusion. However, in other to support him on his opinion, I would like to understand the basis of his conclusion but based on my conclusion, I dont think its totally true that bitcoin is over-valued by that amount because day by day the adoption of bitcoin increases, consideration for acceptance is also increasing as well.