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RE: Could bitcoin be a good long term store of value just because we say it is?
Thank you. You are exactly right.
When people talk about BTC or crypto having no value that implies that the millions of holders have no use for it or desire to keep it... Of course we do have use for it and we do want it so it does have a value. And the more people who want it, the more its worth.
Supply and demand.
Great post. Up-voted and resteemed.
This is going to be Epic.
Confidence is what gives any currency value. If everyone suddenly stops desiring a certain yellow, shinny, rare metal, the value would plummet, because the commercial use of this metal has a lot less value than its desirability. If banks start to value packages of sub-prime mortgages, they gain value as a currency and can be traded and sold, but if confidence is suddenly lost....
The bitcoin price will readjust (possibly sharply) when more people decide to sell than hold or buy, and confidence will plummet from there as everyone tries to lock in their gains. Until, that is, enough people decide it again posses an opportunity. It is all about confidence. Nick.