In the most pathetic analysis I have ever seen a New York Post article say's that Bitcoin will be worth nothing. Let's not cite any reasoning for it other than it is only backed by public confidence. Need I remind the writer that anything of value is only backed by public confidence other than our Fiat currency which is back by military force. I was going to post a link to the article, but this guys doesn't deserve the views, so I will paste his pathetic story here.
The writers name is John Crudele
I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.
Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.
I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.
Got it! Ponzi scheme. Confidence game. Fraud.
Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.