While the recent surge in bitcoin price is good news for many bitcoin investors, it should be seen as a death sentence for the functional value of bitcoin. As the price continues to reach new record levels, it becomes obvious that bitcoin is useless for anything else than speculation.
Compared to government issued currencies, bitcoins wild ride proves that it lacks the necessary predictability to act as a currency. If we take off our tinfoil hats for a while we should acknowledge that currencies are regulated for a reason. To provide financial stability.The more bitcoin prices surge due to its speculative value and increasing demand, the more useless bitcoin becomes as a currency. And as bitcoin becomes useless as a currency, it loses its intrinsic value as an asset.
Eulogy made by Christoffer O. Hernæs
