Summary
TLDR: Bitcoin’s value should be assessed based on factors beyond just its price, such as usability, interest rates, security, and demand. Different perspectives and uses determine a currency’s value. Bitcoin is making strides in becoming easier to use and its true value lies in its usefulness.
Key Points
1. Fiat currencies are evaluated on a variety of factors from usability and integrity to interest rates and demand; ultimately, bitcoin should be assessed on a wider set of criteria.
2. The price of bitcoin has long been a media obsession.
3. Every industry milestone appears defined solely by the price of bitcoin the following day: “Bitcoin price falls 15% following launch of ETFs,” the Financial Times, following the US Securities and Exchange Commission’s bitcoin ETF approval in January.