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.
Even I thought Bitcoin as the same way because suddenly Bicoins price dropped in a higher rate that no one anticipated but later it was clear this situation was caused due to many negative effects it had to face from the world but the world understanding towards Bitoin is changing so we can see many industries and businesses are trying to connect Bitcoin with there core business processes and that can give a good place in the near future to increase it's price and expand more in the globe