Bitcoin worth zero
“The reason why oil had a negative value at some point is that oil storages around the world were filling up, fast. People were willing to pay. The noted author said that Bitcoin can neither be a short-term or long-term store of value, cannot operate as a reliable hedge against. Bitcoin (BTC-USD) has a price “but we don't know its value, which is probably zero”, senior economist Steve Hanke has claimed. GLENN BECK ADVERTISERS CRYPTOCURRENCY
We will also address queries like Will Bitcoin price go down and also look at gold price vs Bitcoin chart for a comparative perspective. To begin with, there is no gainsaying that Bitcoin has been extremely volatile. This is unlike an asset class like gold which has seen stable prices for long periods of time and is backed by genuine metal. Here are five reasons why Bitcoin may be a product to seriously look at, despite the apparent volatility.
But first, the Bitcoin chart.. Could the value of Bitcoin go as low as zero? That is a question that is hard to answer at this point of time but there is a gap that Bitcoin has filled up. Especially considering that it is a currency with limited supply, there has been a demand for Bitcoin as an alternative to normal fiat currencies where central banks have been quite indiscriminate about printing new money. Despite the sharp volatility and the speculative action, Bitcoin may still have a future.
Here is why.. This is not the first time that Bitcoin has crashed.. Check out the table below where Bitcoin crashes are captured.. What is interesting is that after each major correction, Bitcoin has emerged stronger and higher. It would, therefore, be too early to write off Bitcoin altogether. Blockchain infrastructure underlying Bitcoins is truly robust.. Bitcoins and all crypto currencies are based on the Blockchain technology, which is considered one of the most foolproof technologies.
One can argue that central banks do not have control over the currency creation but that is precisely the idea of Bitcoins. The idea is to take away the fiat based printing of currencies. What Blockchain does is to use a distributed data approach in such a way that any addition to the Blockchain can be done only through a very rigorous and documented process.
Also, once something has been entered in the Blockchain it cannot be erased for life. That creates a fantastic audit trail with multiple check points. As a technology for currency creation, Blockchain is infinitely superior. How it is regulated in the future remains to be seen! Bitcoins could eventually emerge as a digital alternative to gold..
Why has gold been preferred over the years? There are three reasons. Firstly, every ounce of gold that has ever been mined in this world still exists in some form or the other. To that extent it is indestructible which makes it unique. Secondly, while gold is not a portfolio asset it is a great store of value. With a national currency, such as the dollar, the price of a market basket of goods can be calculated.
But a market basket of goods calculated in bitcoin is difficult to achieve when most retailers worldwide do not accept the cryptocurrency in transactions. This is similar when using the other basic model for deriving the value of a currency, interest rate parity.
Hanke states that there is no way to rationalise the interest rate parity between bitcoin and a recognisable global currency. An experienced currency reformer, Hanke said that the two fundamental models for valuing exchange rates "do not make any sense at all in this bitcoin space". Watch: 'Cryptocurrencies are fiat money on steroids' "You have got purchasing power parity and that can't be used for bitcoin, and you have got interest rate parity and that also can't be used for bitcoin.
The word fiat is Latin for "let it be done" and comes from the opening lines of the book of Genesis in the Bible. Thus, fiat money has been issued by an authoritative decree that has absolute sanction, and trust in the value of a fiat currency is intertwined with the trust in the authority of the state that issues it. Story continues Read more: 'Crypto lobby groups are dictating terms in Washington' Whereas a common criticism of bitcoin is that it has no intrinsic value, it is stored as computer code, and has no physical properties.
Watch: Steve Hanke on Milton Friedman's cryptocurrency predictions Milton Friedman, one of the intellectual leaders of the Chicago school of economics and colleague of Steve Hanke, spoke to the National Taxpayers Union NTU in about a new medium of exchange that was a prescient description of the rise of bitcoin 10 years later.
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