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.
Bitcoin is very sustainable crypto currency and this thing is not hypothetical as bitcoin has proved its worth and made its existence since more than a decade and there are even possibilities that bitcoin would end up being the central currency of the economic market and there are millions of people around the world who are being benefited by bitcoin so I think morons are the people who call bitcoin a fraud, or a scam, a Ponzi scheme or a bubble that would burst soon and I think time will answer them all when bitcoin will be declared as a central currency of the economic market.