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Bitcoin’s biggest selling point is that it doesn’t have any intrinsic value. So if it plummets because it doesn’t have any intrinsic value, we can’t really be surprised

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Only people who make arguments like this are the ones that have done zero research on Bitcoin. I’d recommend to atleast read the Satoshi OG white paper. Bitcoin’s value comes from Scarcity (21 million in circulation), the proof of work (energy) required to mine it and the fact that there are millions of nodes currently running and each one has to verify each transaction before it’s written on the blockchain. Hence, completely eliminating double spend. In fact any asset which has an ‘intrinsic’ value like gold derives its value from Scarcity and the energy required to mine it.

The only thing that doesn’t have ANY intrinsic value is the dollar (or any fiat currency) which are ironically the social construct whose value is derived from the community. The reason you see value in them is because we use them to buy goods and services currently. However, since 1971 they are not backed by gold and trillions can be printed on demand hence completely diluting your purchasing power. Dollars are in fact an extremely inefficient store of value and medium of exchange and are due for a replacement.

likesmartfunny

Markets are all in the shitter and BTC has always had terrible years following manic crypto years. It could drop to $10k and still be well within historical norms.

Can debate the intrinsics and valuation theory all day long but current price action isn’t indicative of much, as much as i know the bears are all ready to call it dead.

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What intrisric value Gold ETF has?

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