Behind every bubble is a good idea bursting to get out, and bitcoin kind of looks like a good idea, at least if you squint a bit. A digital currency without borders that governments can’t control and that allows secret online transactions? I’m in. Bitcoin itself? Not so much.So is a single bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that bitcoin can displace the dollar, for the simple reason that it is badly designed. Bitcoin can handle a pathetically small number of transactions, and uses an inordinate amount of electricity to do so, making it entirely unsuitable to replace ordinary money.
Eulogy made by James Mackintosh
Latest posts by Zsofia Elek (see all)
- “Bernanke Thinks Bitcoin Will Fail (But He Likes Blockchain)” – Fortune | $5,640.15 - October 16, 2017
- “Nobel-winning economist Shiller calls bitcoin a fad” – CNBC | $5,640.15 - October 16, 2017
- “Peter Schiff: Bitcoin Is Not the Money of the Future” – The Street | $5,688.61 - October 15, 2017