Classifying good as an commodity with intrinsic value because it has a legal backing and claiming Bitcoin isn't intrinsic sounds a bit baise.
Wikipedia
The law of demand and supply is what makes a commodity intrinsic. Bitcoin lately has been on a high demand and it's making new highs increasing constantly in value. From what I see we are gradually coming into an era where the government no longer monitor the asset of it's citizens through regularised authorities since every one is gaining autonomy of his personal funds
Wikipedia
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Intrinsic value is always something that an object has "in itself" or "for its own sake", and is an intrinsic property.
It's a clear indication that Bitcoin has value in it's self regardless of the fact it's been projected by it's investors. It's clear it has no legal backup but since the masses which make up a democratic government prefers it as a means of storing value then it automatically has intrinsic value.The law of demand and supply is what makes a commodity intrinsic. Bitcoin lately has been on a high demand and it's making new highs increasing constantly in value. From what I see we are gradually coming into an era where the government no longer monitor the asset of it's citizens through regularised authorities since every one is gaining autonomy of his personal funds
I would always prefer to think that we should let the people be the final arbiter whether something is valuable or has intrinsic value in itself. Bitcoin has ushered an era where we should not be trusting the self-professed experts in economics and finances as these were the people that failed us in the past. The question on intrinsic value is always brought out by people who seem could not accept the fact that Bitcoin eventually thrive and flourished and so they are trying even today to diminish its value and warn others never to take up Bitcoin not even to think about it...well these experts will wake up one day mesmerized that Bitcoin has been already so big that there is no other way to do but recognize it. That day is coming soon.