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.