New York University professor of corporate finance and valuation Aswath Damodaran believes that bitcoin is more of a currency, but isn't yet practical to be used as one. He argues that 'bitcoin is an asset and not a currency and as such, you cannot value it or invest in it; you can only price it and trade it.'
"I think the better path for bitcoin is to actually make it a digital currency, a currency that you and I can take on our travels and use actually to buy stuff and sell stuff. If that happens, then I'm OK with the pricing, If that doesn't happen, I don't see how bitcoin can have the staying power of gold. It could be just another fad. Another digital currency could replace it,"
Source:
https://www.cnbc.com/2017/10/24/nyus-dean-of-valuation-says-bitcoin-is-a-currency.html
It's a good read; an expert in the field of investments and valuation speaks up his own mind about bitcoin's current state and believes that the cryptocurrency is more of a currency rather than an asset as what most people deem it to be today. Interestingly, he added that the price would be okay and justified if the coin is used widely for domestic transactions and other trades similar to what fiat can accomplish.
Every single day, more and more people on the financial institution are giving out their thoughts about bitcoin and its recent boom. Is this an indicator that bitcoin is slowly getting the attention from the financial magnates and be another reason for yet another astronomical gains or are these institutions just riding bitcoin's short stint of glory to promote their own cryptocurrency (in the future) subliminally?
