There is really no reason (other than hype) for the value of Bitcoin to move the way it does.
Which I responded to appropriately. There are other reasons.
In my previous response to you, I said
Whether people do use it beyond speculation is not relevant. Another part of its value is that you can use it beyond speculation.
I didn’t say that speculation wasn’t relevant. I said that whether people use it beyond speculation isn’t relevant. It remains true that it can be exchanged for other things of value. As a counter-example, it turns out that NFTs attached to random JPGs are pure speculation, mainly because they are not a limited resource, and because the things they are attached to are also not a limited resource. If holding an NFT represented ownership of something which was a limited resource - like a piece of real estate, or a car, or a share of a business - then such an NFT would have value. That would require a common public agreement on such a system, which does not currently exist, but it’s not impossible.
Now, if we’re talking about BTC specifically, its use case outside being a store of value is now pretty limited, mainly because of the way it was designed. Other coins and tokens have greater use cases, but there hasn’t really been a “breakout” moment for anything yet.
ENIAC was completed in 1945, and it took many decades for digital computers to become ubiquitous. Now we take them for granted. Someone, at some point, will have a useful practical application for blockchain.
No, they said
Which I responded to appropriately. There are other reasons.
In my previous response to you, I said
I didn’t say that speculation wasn’t relevant. I said that whether people use it beyond speculation isn’t relevant. It remains true that it can be exchanged for other things of value. As a counter-example, it turns out that NFTs attached to random JPGs are pure speculation, mainly because they are not a limited resource, and because the things they are attached to are also not a limited resource. If holding an NFT represented ownership of something which was a limited resource - like a piece of real estate, or a car, or a share of a business - then such an NFT would have value. That would require a common public agreement on such a system, which does not currently exist, but it’s not impossible.
Now, if we’re talking about BTC specifically, its use case outside being a store of value is now pretty limited, mainly because of the way it was designed. Other coins and tokens have greater use cases, but there hasn’t really been a “breakout” moment for anything yet.
ENIAC was completed in 1945, and it took many decades for digital computers to become ubiquitous. Now we take them for granted. Someone, at some point, will have a useful practical application for blockchain.