Post
Topic
Board Economics
Re: GiffenCoin - Is Bitcoin displaying Giffen behavior?
by
Timo Y
on 01/05/2014, 11:22:00 UTC
Unlikely. Bitcoin is held mostly by enthusiasts and speculators at this stage. It's very high up on Maslow's hierarchy of needs.  I doubt that a lot of people feel compelled to buy more BTC when their income drops.

Bitcoin is a lot more like a Veblen good.