Bitcoin has become the protagonist of the news report, there is no intrinsic value?

With the cash exchange value record again, Bitcoin has recently become the protagonist of the news report. However, BusinessInsider (BI), the US news website, said on 6th that Bitcoin had no intrinsic value and was actually a farce and a joke.

A few weeks ago, Bitcoin was worth just over 100 dollars, but now it's more than $260 trillion. Timothy-b-lee, the father of the World Wide Web, recently reported in the Washington Post that people who used to call it "bubbles" should now think about whether they were wrong in the face of currency appreciation and popularity.

The BI article points out that if the bitcoin is not fully determined to be a bubble, it is certain that bitcoin, in essence, is a joke. The authors point out that the Timothy-b-lee argument does not hold water, the recent rise in bitcoin every day, and the appreciation does not prove that Bitcoin is not a bubble.

In fact, people in the real world call something a "bubble", not to say that its price will be reduced, and that the value of Bitcoin could still be more than 500 dollars, 1000 dollars or 10,000 dollars.

But don't be mistaken, Bitcoin is not a future currency, it has no intrinsic value.

When it comes to talking about money, the notion of "intrinsic value" can be a problem, and fans of Bitcoin may immediately ask why the dollar has intrinsic value.

The dollar's intrinsic value is because the United States has a law that requires us to use the US dollar as a currency if we conduct business in the United States, and to pay taxes to the US government only in dollars. If ordinary people want to use American banking services, they must use the dollar, because this is the only currency the Fed supports.

In addition to forcing the dollar to use a series of laws, the United States also has military power, so that people all over the world can use the dollar, so there is a lot of real real value behind the dollar green bills.

The intrinsic value of Bitcoin is purely empty talk. There is no power to maintain its position. If people lose trust in Bitcoin, it will be over soon.

In fact, Bitcoin is only a virtual financial instrument at best. There are a lot of propaganda that some bars and shops are beginning to accept Bitcoin payments, and there are also cash machines. However, Bitcoin is indeed an illusory financial instrument. If you use a lot of bitcoin to do business, people will say you are crazy. The value of bitcoin is changing every day, and this currency can also hurt businessmen's integrity.

In real-world transactions, Bitcoin will be "Gameover". The excitement of the users on which this currency depends is too erratic.

The BI article points out that the value of Bitcoin farce may rise even further before it ends. This is the nature of the bubble. Before the dotcom bubble peaked, it was dashed a few times along the way, until one day the bubble stopped altogether. All this will happen to Bitcoin.