Post
Topic
Board Economics
Re: What is Bitcoin's fair value?
by
HabBear
on 04/11/2017, 20:33:47 UTC
Yesterday, BlackRock Strategist Richard Turnill said there’s no inherent right or wrong Bitcoin price, no fair value.

This strategist's comment is so theoretical it's almost a joke.

There is a right and wrong Bitcoin price. The test of that is whether anyone in the world would accept a bitcoin for any price above face (right now). Most people would accept bitcoin for a small premium because they'll have faith that the price would soon pass their buy price, but it's only a small amount of premium that would be accepted.

Would you buy my 1 bitcoin for $10,000? No. You'd say "that's the wrong price!"

This strategist just doesn't know how to value a currency that isn't backed by the GDP of a country. That's all it is.