The price of Bitcoin is ZERO
Maybe you have read some clickbait articles in well known financial newspapers and websites, but they have it all wrong! The true price of bitcoin is zero and not over 1000 USD. In case you let some of these two and three letter publications creep into your consciousness with the use of token Britsh accents in order to sound like they know what they are talking about you are in for a wake up call indeed. Most of the questions about the curiosity of these publications fetish with bitcoin can be sumed up in one compound word: butthurt.
In one instance a well known publication called attention to the Bank for International Settlements which keeeps track of around 180 recongnised currencies. The most actively traded currencies ranged from 4.4 tn USD to 1 bn USD but according to the Bank for International Settlements bitcoin is used less than the Bulgarian lev. We know that this Bank has a full understanding of where bitcoin is used and that the main utlity of bitcoin is registered value transfer that would in turn be tracked by said bank. Therefore bitcoin transactions round down to zero. Forget the blockchain (just hype), forget offshore gambling, forget local bitcoins, forget dark markets, forget capital flight, forget any bitcoin circular economy, zero, zero is the number you need to remember.
GBP/USD vs. GBP/BTC
The market cap of bitcoin was 16bn USD this Tuesday. Typicaly currencies market caps are not something that are mentioned in discussions, but in bitcoin people are obsessed with it. Currencies are not supposed to be used as stores of value, this is why when there is economoic panic in the world people flock to USD. This is mainly due to the use of USD as a medium of exchange and not a safe store of value. Bitcoin is a small poop compared to the rest of the world´s coinage, notes and digital bank account databases which were two years ago (only two years guys) was over 82td USD. Clearly this shows that bitcoin is worth zero. If bitcoin is not worth zero you can always round down to zero just pick a higher number to round down from to fit your narrative, works everytime!
According to the CIA the total value of Uzbekistani soms is about the same as the bitcoin market cap. Considering that the number of people that think Uzbekistani soms are relevant in the world of modern finance we can just round that number of people down to zero. Considering the quality of reporting by a particular two letter “news” website and newspaper that does not print on white paper and uses token British accents to get clicks and sound important. The value of said publication can be round down to zero. The value of the text and video produced by the token Brit can also be round down to zero considering that on any city street in the entire world there will be more people per hundred asked that know about bitcoin then about this two letter newspaper. In this way the value of this newspaper can be rounded to zero.
Smug Britsh financial “journalists” like to poke fun at small countries. They have an ever apparent “small man big mouth complex” and show the need to try to bully easy targets that are smaller than them due to insecurity about the current path of their own country.
Even if you could sell all the bitcoin in the world for 1000 USD each they would only be worth the same as some mid tier US company. Considering the ammount of money that newspapers are bleeding everyday bitcoin and most mid tier US companies are doing much better then the clickbait dinosaurs. The value of these publications can be round to zero. To invest in such publications is akin to financial seppuku considering their growth is ZERO comparied to bitcoin´s.
If you treat bitcoin as an investment then it can not be a currency. Dispite bitcoin´s price moving up and down it is being used as a medium of exchange for the people that really need to use it. People find it very practical around the world considering that they do not need to interact with banks to use it.
Bitcoin must be a pyramid scheme. Nobody uses it to bet on offshore sportsbooks. Nobody uses it to buy goods in dark markets. Nobody uses it for capital flight. Nobody uses it as a hedge against the crashing Euro, or any number of other currencies that are colapsing. Nobody uses bitcoin, it is 100% speculation and a pyramid scheme. We all known that the value of pyramid schemes ends in ZERO and that is why bitcoin´s fair price is ZERO.