Why is bitcoin even worth anything?
Why is bitcoin even worth anything?
Except if you keep your tulip bulbs in a box locked by a combination padlock and you forget the combination, you can still use a hammer to get them. :)
Why are the little green slips of paper in your wallet worth anything? Why is the little plastic card in your wallet worth anything?
Anything that someone is willing to take in trade for something you want has value. If no one is willing to give you anything of value for Bitcoin, it has no value. But they are, so it does.
It’s value appears to come from people investing in it via ‘stocks’. Companies accept it as a form of payment - namely Tesla is rumored to be accepting BTC coins for payment on their vehicles.
Collecting coins is incredibly hard. Currently there’s a meme-stock called Dogecoin that Must has (intentionally or not) pumped. It’s moved from .024 cents a share to .08 cents a share and holding today. There are companies accepting Doge coins as payment and, based on activity over the weekend, Dogecoin is worth over $10B.
Weird times.
Because people believe it is worth something.
Bitcoin and tech stocks will experience a bigger crash than NASDAQ did in 2000. IDK the exact date of crash. Could be 1 month or 6 months or 2 years. Not much longer than 2 years.
Enjoy the party while music is still playing and booze has not run out.
Stock market is now over-valued by 18% over the value reached in 1929 at it’s peak before the crash.
LOL.
The same reason the dollar for any asset is.
Because people are willing to pay that to own it.
I could ask the same thing about the US Dollar. Its a piece of paper.
That’s what I’ve been trying to figure out, I have zero idea how this works. “Virtual money” and someone somewhere down the line gives actual money for this fake money? What?
Because the dollar is worth even less.
“Why is bitcoin even worth anything?”
Why is gold worth anything?
Why is a small piece of paper with 100 written on it worth $100?
And lastly, why is an entry in a virtual database, ie, your bank account, worth anything?
As for bitcoin, it’s worth what it’s worth because there enough people, like Musk, are willing to exchange a big chunk of dollars for one bitcoin.
It should be Ponzicoin
Why is bitcoin even worth anything?