Anti gold bears are fond of arguing that gold produces no economic value; no dividends, nothing. In fact the same argument can be made for Bitcoin and if anything the argument is even stronger. After all, you can hold gold in your hands and it is yours, but there is nothing that you can receive from owning Bitcoin, except, an imaginary computer cypher in an imaginary purse.So, who bought Bitcoin? The scuttlebutt is that it is the 'investment' of millenials. You know, the young folks that think Socialism is a great idea in spite all the evidence to the contrary. Here is the graph of the Bitcoin price:
The Dollar value of Bitcoin is plotted on a log scale, so the drop in value is about 33% (from roughly 18K to 12K. Pretty steep. Is this a steep correction or is the drop terminal? At this point we do not know.
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