Bitcoin’s recent 25% plunge illustrates why it will never be a true currency…

The fact that Bitcoin has no intrinsic value (the way a stock or bond does) doesn’t mean it’s headed to zero. It just means that Bitcoin has become totally untethered from its original purpose. What was supposed to be a way to revolutionize people’s everyday financial lives is now mostly a way for people to get rich quick (or lose their shirts) or, in an ideal scenario, for people to protect their wealth against inflation. Bitcoin began as a cryptocurrency. It has ended as a cryptoasset.

Eulogy made by James Surowiecki

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