I have a problem with his arrogance in being short-sighted. When you don't understand something, most intelligent people shut up until they learn enough to debate it.
I also don't doubt that they have the potential to drop in value by a ton. I just think that their utility is of genuine value to enough people that it won't go to zero. As such, it will increasingly be used for such utility, across the globe and if so, there will just have to be a few billion dollar's worth of value in it to smooth the volatility. That points to a value of today's $200k or a little more than the average house. I believe it will go higher but I have 50% trust that it will settle around that number.
"not for a store of value" Ok, what if you had a dozen of them and saw a news report that said the dollar had just crashed. Would you run to trade them in for dollars or for gold, run to spend them or laugh at Bernanke on TV?
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