The Whale of Mass Destruction

Bitcoin has no rational fundamental pricing model, so its market has been driven largely by guesswork and hype rather than real-world assessment. Unlike shares or bonds, which are legal contracts paying dividends or interest, a bitcoin token gives its holder no income or voting rights and is described as a limited edition digital object capped at 21 million. A 34% rise followed by an 18% crash the next week was, according to the text, mostly random, driven by guesswork and hysteria rather than real-world events. Its dollar use depends on countertrade, which would stop working if the token's price fell to $0.