I get your point regarding volatility but look at the volatility of gold... it actually is one of the more volatile assets out there, especially over the last 2 decades. It is priced very similar to a bitcoin, mostly based on it's popularity. If all the sudden everyone decided they didn't want gold any more, it's value would plummet, in the same way Bitcoin's would if no one wanted it anymore. There isn't really any intrinsic value backing it... it's possible, in an extreme example, a loaf of bread could be more valuable than a bar of gold.
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