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.
If it's true Bitcoin doesn't have intrinsic value and it's worth nothing. for what people are struggling to buy and offer to own Bitcoin? because I realize how valuable Bitcoin is to date, making people struggle to get it. I think the value of thousands of dollars or more is very feasible for one Bitcoin because this is the greatest invention in the banking sector.