A couple things missing from the analysis (as usual). The main one is they don't understand where the demand is coming from. There is a lot of demand for stored value outside of the traditional commodities like gold. The problem with bitcoin is that it has crypto that will be broken or brute forced in some number of years or decades. So it can't be a long term store of value. But the neat thing with tech is that people come up with new ideas that *might* stand the test of time. Along with every good idea (new cryptocurrency) comes 1000 bad ones. There are many bubble currencies now, bitcoin is only one of them.
The alt-coin bubble is far bigger than the bitcoin bubble. The fact that the writer doesn't even mention it shows just how clueless he is, but I knew that before reading the article. 99% of financial writers are clueless about how it works or how it can be a store of value.
The value in bitcoin rests in the avoidance of negative impact caused by traditional banking fees and charges. While this may not be intrinsic value, there is some value in the fee avoidance and the fact that the currency exists outside of the banking cartel monopooly. The rest is speculation in my opinion.
Also, the currency cannot be manipulated since the supply is finite and not controlled by any one government.
These things are appealing to people who deal in bitcoin. Where it ends up is anyone’s guess.