Bitcoin Investors Need to Give It a Rest
Medium of exchange or greedy-person honey trap?
Photographer: Michael M. Santiago/Getty Images North AmericaWelcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Chris Nagi takes a swing at Bitcoin’s swings:
Maybe one day a fundamental principle of Bitcoin will be that people don't care where it trades. If its main use is as a medium of commerce, it won't matter whether it goes for a penny or a million bucks — “a Bitcoin will be worth a Bitcoin,” to paraphrase the faithful. To put it mildly, that’s not how things have played out so far. Speculating on crypto with the goal of getting rich quick remains the central premise of its popularity. This continues to be true even after this year’s wipeout left it trading some 50% below its average price last year.