Bitcoin’s intrinsic value has been heavily discussed in the crypto community this week following a remark by the governor of the Bank of England suggesting that the cryptocurrency may have no intrinsic value.
Does Bitcoin Have Intrinsic Value?
Bank of England Governor Andrew Bailey talked about bitcoin’s intrinsic value during a question and answer session with members of the public early this week. “I have to be honest, it is hard to see that bitcoin has what we tend to call intrinsic value,” he was quoted by Reuters as saying. “It may have extrinsic value in the sense that people want it.” Furthermore, the governor said people using bitcoin for payments makes him “very nervous” because the value of the cryptocurrency is uncertain.
Following Bailey’s remark, the crypto community began discussing bitcoin’s intrinsic value in some detail. Michael Saylor, the CEO of Nasdaq-listed company Microstrategy that recently bought $425 million worth