Thursday 5 July 2018

Why bitcoin may soon be worth nothing by John Crudele,

I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.
Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.
I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.
Got it! Ponzi scheme. Confidence game. Fraud.
Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

New York Post. 

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