RATE Group | Does Bitcoin Have Intrinsic Value or Is It Based on Thin Air?
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Does Bitcoin Have Intrinsic Value or Is It Based on Thin Air?

20 Mar Does Bitcoin Have Intrinsic Value or Is It Based on Thin Air?

Posted at 12:57h in Bitcoin News by

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In early March, the Bank of England’s governor-designate, Andrew Bailey, said that Bitcoin has no intrinsic value. He controversially stated that any investor that holds Bitcoin should be prepared to lose all of the money. Bailey said, “If you want to buy it, fine, but understand it has no intrinsic value. It may have extrinsic value, but there is no intrinsic value.”

Throughout the past several years, many high-profile investors and government officials such as billionaire Mark Cuban, Berkshire Hathaway’s Warren Buffett and United States President Donald Trump have criticized Bitcoin for its lack of real value.

Argument for why Bitcoin does not have any “intrinsic” value

In July 2019, President Trump echoed the sentiments earlier shared by Buffett and his business partner Charlie Munger when he claimed that the value of Bitcoin is “based on thin air,” implying that it has no intrinsic value. At the time, President Trump said:

“I am not a fan of Bitcoin and other…

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