Bitcoin: The Bitcoin value question: What gives a currency its value? USD has Uncle Sam. BTC? Hint: Network.
Synopsis
There’s much confusion around whether Bitcoin is a ‘currency’ or an ‘asset’. But that often leaves out the most important aspect, which says that it is a network technology at the same time. So, when most currencies are backed by governments, Bitcoin is backed by its network. And this may answer questions on its value.
What value does Bitcoin have? Let’s begin with some people who know cryptocurrencies in their own ways.If you ignore the histrionics, Elon Musk, the geek-turned-billionaire tycoon, can very well be considered a supporter of cryptocurrencies. On the other hand, Paul Krugman, the celebrated Nobel-winning economist, doesn’t like cryptocurrencies. There’s enough literature about Musk and his adventures with cryptocurrencies. But Krugman made his
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