The price of bitcoin is formed exclusively by supply and demand for it. Bitcoins are not secured by any tangible assets, but the same situation is with any Fiat currencies, rubles or dollars. It is wrong to assume that bitcoin is provided with electricity spent on its mining or the cost of a bitcoin farm. The difficulty of solving the cryptographic problem during mining varies according to the network hashrate used to find the latest 2016 bitcoin blocks. If the number of miners and the electricity consumed fall several times, then the complexity of mining will simply decrease and the process will stabilize again. So the value of bitcoin and its purchasing power lies only in the public's trust in it.
Yeah, agree with you. But unfortunately the price of bitcoin is formed not only by supply and demand. It also manipulated by whales and big players. There is no pure and fair game in it. Definetely it will grow up in future.
I agree with your argument but three basic things determine the value of bitcoin viz:
1. Actions of whales and big players in the bitcoin market
2. The trend of demand and supply of bitcoin and
3. The faith players in the market have for bitcoin.
Surely, the value would pick up again. Hopefully, towards the end of first quarter of 2019.
I add again that the 3 aspects will be stable and survive if you avoid panic, and panic comes from fake information.
so, maintaining market and public stability from fake news is a very important aspect.