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I think there is a good chance that over the next year the price of Bitcoin will drop towards its fundamental value, which is nothing…
…Bitcoin may be the purest ever example of a speculative bubble. It follows in the footsteps of famous bubbles such as the South Sea bubble, the Dutch tulip mania, gold around 1980, the dotcom boom of 2000, and the US housing market before the global financial crisis of 2008.

But past bubbles have had more going for them. Houses provide shelter. Gold has industrial uses and jewellery can be made from it. The South Sea Company and millennial tech stocks at least promised streams of future dividends. Even tulips can be admired for their beauty.

Bitcoin offers no return at all unless you can resell it to a “greater fool”. It is a Seinfeld asset — a speculation based on nothing.

Eulogy made by John Hawkins


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