As bitcoin captures the world’s attention while soaring to unprecedented heights, the cryptocurrency has been labelled as an asset primed for a bubble, with no intrinsic value. Henry Blodget is the founder, CEO and editor of prominent financial news publication Business Insider and was part of CNBC’s Squawk Alley, a televised show, recently. Bitcoin was the subject of a segment and Blodget offered his take on the cryptocurrency’s soaring gains in recent weeks. He stated:
Look, this is a perfect asset for a speculative bubble…There is a finite supply. There is no intrinsic value. If anybody is persuading you that it should somehow be related to some GDP or gold…put down the Kool-Aid and back away. "
Gold is also just a metal. How it can have more intrinsic value than bitcoin? My question is rhetoric of course. I just used it too show the weaknesses in this thought.
meep