Is Bitcoin’s Value Due to Social Status it Brings?

[thejaytiesto]

There's no social status assigned to owning bitcoin, if you say you own bitcoin people will still think you are a weirdo that spends too much time inside, possibly a criminal selling illegal things on the darknet and other negative connotations.

Maybe once it reaches an higher valuation like $100,000 or $1 million people will start getting past these cliches and accept that someone that managed to own at least 1 BTC was ahead of the pack and therefore will translate as status. Until then they will continue thinking it's weird and a bubble.

[kaineh]

Most likely it's not a matter of social status, but that the crypto-currencies in particular in the technology of blockchain are in general the modern flagship of the digital industry. All this is understood, but the details do not know everything that awakens interest

[South Park]

that is an extremely biased wall of text which i dare call FUD even.

there are a lot of reasons for bitcoin's price and the way it rises. there is a very long list of them and the "social status" is at the bottom of that list.

it is true that the limited supply of bitcoin (which is also a small amount not a ridiculous amount) plays an important role in the final price of bitcoin due to supply and demand but people aren't jumping on board and invest in bitcoin because of that. they invest in bitcoin because it is a peer to peer digital cash as the paper written by the creator Satoshi Nakamoto calls it.

Yeah right now the people investing in bitcoin are believers in the technology or people looking to make a lot of money, maybe in the future bitcoin will become a mark of status as much as brands like Ferrari or Rolex but that is not the case right now and there is not a reason to think this is going to happen anytime soon.