Sorry to be negative on the bitcoin. I cannot see any utility (day to day use) for it. It is like a Tulip or a Rembrandt. It may go up and up forever if everyone wants it. But like a Rembrandt you can only look at it or sell it.
Maybe it replaces gold. But I cannot figure why it would replace gold. Apparently gold is in the doldrums because real interest rates have spiked up a little. If bitcoin was a replacement for gold or currency (as a store of value) then it should also behave as gold. I mean, like gold, it just sits there (digitally) and does nothing.
I would be amazed if bitcoin does not crash. To all holders, good luck. But will you sell it or just keep forever, like your first kiss in your memory.
I was hoping with bitcoin-mania then gold would catch fire. But alas 'no'. So even that NON correlation tells me bitcoin has no properties of gold. It is just a digitial 'thing' that happens to be coveted by all. And coveted for no other reason than someone else is coveting it. Very odd.
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