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.
Yes Bitcoins price got crashed but how can we say it is another bubble in the investing world because there are enough reasons to believe the future of Bitcoin will be fine and that is why I do investments but not large amounts because I don't have that kind of money but I have invested a useful amount to use in the future because we can see a slow price increase in Bitcoin but I see many won't do the same even investors who used to invest in Bitcoin because they are scared or there are other ICO projects they see profitable than investing in Bitcoin but the problem is there is nothing we know about them like we know about Bitcoin and what will happen to the investment