Bitcoin Could Soon Hit $70,000, And That Has Nothing Do With Currencies

SectorFinancial Markets
CountryMiddle east

Bitcoin (BTC) SOPA Images/LightRocket via Getty Images Bitcoin (BTC) is probably the most FOMO-inducing thing in the world. People have always regretted not doing something about it. First they regretted not buying bitcoin at all. Then they regretted not selling out at $16,000.

Now they regret not buying enough at $20,000. What will investors regret about it next? If you lay out predictions from the most credible investors, you’ll get a scale that goes from “rat poison squared” to millions of dollars. So guessing Bitcoin’s price, say, a year from now is no better than predicting the weather on January 7 next year. But to have at least an opinion about where Bitcoin could go, we first have to answer ourselves what Bitcoin is and what we might weigh it up against. After all, we can’t value it as a currency (or a medium of exchange). There is very little we can buy with it without the involvement of a fiat currency like the dollar. It’s not an investment either. It doesn’t generate earnings, nor does it pay a dividend. What Bitcoin actually is at this point—or at least is attempting to more...