Bitcoin has no intrinsic value?

[aditya6997]

Many news media has claimed that it has no intrinsic value.
So, why it's price is so high?

[Hellobx]

Why don't you know the intrinsic value of bitcoin?
In my opinion, bitcoin will become an international currency in the future, so transfers between countries will use bitcoin.

[akmittal]

It is really true that Bitcoin has no intrinsic value. But if you think other assets like Diamond, diamond is a stone and its value is on its popularity in the similar way Bitcoin has no intrinsic value but due to popularity it has good value.

[First77]

I say 1 Bitcoin = $100 is OK. But when I read all the support for Bitcoin in Bitcointalk.org, I say here 1 Bitcoin = $1000 is the right price.

If Bitcoin survives as a speculative asset then Bitcoin will be $600 to $1,000

[aditya6997]

Bitcoin offers an efficient means of transferring money because of the decentralization of a market in the internet. Also bitcoin gains a lot of exposure between the year 2010 and continuously gaining fame up to now.

Why it's price is so high?

It actually depends from its use as a medium of exchange and as a store of value. These 2 factors are very dependent to each other
because if bitcoin does not achieve success as a medium of exchange, it will have no practical utility and thus no intrinsic value and won't be appealing as a store of value.

The price moves up because this crypto is huge success as a medium of exchange thus gaining its popularity and intrinsic value as a payment method.

Yeah right!

[brickafterbrickwalldpt]

Why paper money has any value at all? It is just a paper with some security measures. Government of certain country manufactures it and claims that it has some value. In the US you were able to exchange your dollars for gold through government service, now it not possible. Bitcoin is a new, decentralised system which is secured by miners. Nobody can create more bitcoins than the number that is hard-coded. People don't trust Bitcoin because it has no physical form. Is it really an issue? We would switch to digital money anyone because of online banking which is really convenient but centralised and not secure at all.

[Vart4varta]

Take, for example, the fact of no interest rate. This feature of the crypto currency, and not its lack. It provides the crypto currency its value and value. According to one of the main economic concepts, if the demand for an asset increases, and the supply remains fixed or decreases, its price increases. In the last eight years Bitcoin proved this law, its value increased with a fixed value of the sentence.

[Xavofat]

As of 1971, all that the US dollar is backed by is the "full faith and credit" of the US government (and all that most other countries' currencies are currently backed by is also the support of their respective governments.

This is not entirely worthless, since a government which retains control is fairly capable of maintaining the perception that the currencies are valuable and controlling the supply, but I wouldn't say that these currencies have intrinsic value.

It would be insanely hypocritical to point out Bitcoin's lack of intrinsic value - at least its supply is limited.

[PatronRH]

Yeah it has no real intrinsic value but gets it's value from it's rarety just like gold or stones they really are not that usrful we really don't need those stones that much but they are so expensive because the supply is way lower than the demand.