The market is finally showing some weakness after a wild post-election stock market run-up, and it's taking Bitcoin with it. At least so far.
Three years ago, Bitcoin was under $400, a price I thought was too high even then. As far as I'm concerned, Bitcoin has no intrinsic value and should be worth nothing. So why does anyone think it's worth thousands (and in some cases, millions) of dollars?
It's the theory of false scarcity. There are a limited number of bitcoins in the world and the usage of blockchain technology has assigned the ownership of each coin to specific wallets owned by individuals. So to take "ownership," I have to use the universal blockchain mechanism, accepted by all as valid, to transfer a coin.
True Bitcoin seems like the biggest bubble in the history when you look from the outside because Bitcoin price dropped and that is why many say that but it is recovering perfectly so definitely it will reach to it's correct price in the future but it might take a while to happen that and the only thing it needs is more time so traders should be more patient in these days