I’m going to publicly forecast that Bitcoin isn’t going to work.
Apparently the market price of a Bitcoin has reached the $600 mark. Is Bitcoin just like other money or commodities, or not?
There are two important factors
1 ) Will a military accept Bitcoins as payment?
No. (Although if a military ever did, that might change things)
2) Does it have any useful physical properties?
No. It isn’t shiny, it isn’t pretty, it can’t be made into tools, it isn’t edible, and it contains no potential chemical energy (like oil). It actually has no physical properties at all.
And that’s all there is to it
For something to be used as money or a financial asset, it must have one of the two above properties. Bitcoin has neither. So whatever the popularity buzzing around has been, it is not going to continue. Come at me with whatever nerdy argument you want about how Bitcoin is the future….but it isn’t going to work long term.
But Bitcoins keep going up…..and now they are $600 per
Well, would you believe people would mortgage their house for tulip bulbs?
Photo by BTC Keychain