So perhaps it’s an investment — after all, some people are seeing returns of 25,000%. But unlike most investments, it doesn’t have any intrinsic value, guaranteed payout, or usefulness.
All of this has led Morgan Stanley analyst James Faucette to conclude that Bitcoin might be not all it’s cracked up to be. In a research note seen by Business Insider, Faucette addresses the “very difficult” question of what Bitcoin actually is, suggesting what will happen to the platform, depending on what it turns out to be.
“If nobody accepts the technology for payment then the value would be 0,” Faucette writes, although he’s not specifically saying that Bitcoin is worth zero. He’s just saying that Bitcoin’s value is intrinsically reliant on the “network effect,” and if nobody wants to buy it, it becomes worthless.- READ MORE
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