Bitcoin – A Speculative Asset with No Intrinsic Value, Says Business Insider Founder – CryptoCoinsNews

As bitcoin captures the worlds 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 CNBCs Squawk Alley, a televised show, recently. Bitcoin was the subject of a segment and Blodget offered his take on the cryptocurrencys soaring gains in recent weeks.

He stated:

Look, this is a perfect asset for a speculative bubbleThere is a finite supply. There is no intrinsic value. If anybody is persuading you that it should somehow be related to some GDP or goldput down the Kool-Aid and back away.

In response, a CNBC host bought up Bitcoins applicability in countries like Venezueala, where new bitcoin miners have imported groceries from Amazon Pantry in the United States by paying with the cryptocurrency.

It has a use, he replied. There is no question. There are uses for it. The transactions are steadily increasing. Thats a good signif you are going to use it.

Finally, he sees the bandwagon of investors getting buying into bitcoin with the hope of striking rich rewards in the long run.

It could literally go to a million. There is no reason why noThe logic of folks who are buying and speculating in it[Theyre saying] All I can lose is a 100%. I could make 10x, a 100x, a 1000xIll take that trade if Im willing to lose that 100%.

With bitcoin in the mainstream, commentators and speculators are likely to see the cryptocurrencies as stocks or commodities, comparing it to the norm of traditional markets.

As for bitcoin having no intrinsic value, over 2 million transactions every week globally between people, businesses, charities and more say otherwise.

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Bitcoin - A Speculative Asset with No Intrinsic Value, Says Business Insider Founder - CryptoCoinsNews

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