Remarks
Bitcoin Has Zero Intrinsic Value. Some People Are OK With That
But not Willem Buiter, former chief economist of Citigroup, who likens it to Schrodinger’s cat.
This article is for subscribers only.
Critics of Bitcoin say it has no intrinsic value, but defenders … well, actually ... a lot of its defenders agree. Which might make you nervous if you’re sitting on a big investment in Bitcoin or considering wading in for the first time.
Johns Hopkins University economist Steven Hanke tweeted Feb. 20, “Just remember—Bitcoin is no more than a highly speculative asset with a fundamental value of ZERO!” This is a common criticism. On March 8, American Enterprise Institute visiting fellow Jim Harper responded to Hanke with a blog post that essentially said, yeah, that’s true, but no other asset has any fundamental value, either.