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One of the most common myths surrounding is that it has no intrinsic value. Miko Matsumura debunked this myth at the (BTC)Malta AI & Blockchain Summit on Friday.
In a headline speech titled “Debunking The Myths and Fallacies of Blockchain,” Matsumura successfully eradicated the notion that Bitcoin (BTC) has no intrinsic value — a concern frequently voiced by cryptocurrency critics.
Gold itself has been the standard by which everyone measures “intrinsic value.”
However, Matsumura noted that the most famous of all precious metals is actually used primarily as a speculative investment. According to the venture capitalist, entrepreneur, startup advisor, and speaker, only 15 percent of all gold is used for industrial purposes. The other 85 percent is speculative.
So if gold is seen as the gold standard of intrinsic value, but is 85 percent speculation, what is the intrinsic value of Bitcoin?
Microsoft founder Bill Gates once said that another financial collapse is a certainty. For Matsumura, this means that Bitcoin’s intrinsic value lies as an alternative to a broken financial system — and what is the intrinsic value of such an alternative? According to some in the crowd, ‘priceless.’
BTC was indeed created following the aftermath of the most recent global financial crisis, which was brought on by a debt-based fiat economy that was overly centralized and fundamentally flawed. It was created to be a hedge against unsound money, and that’s where it’s true value lies.
Still, Bitcoin is used by speculative investors who hope to see massive returns on their investments. With this in mind, what should one bitcoin actually be worth in terms of fiat? By Matsumura’s own math, BTC could — or should — be worth $300,000.
JP Morgan disagrees, however. Just recently, the American multinational investment bank and financial services company claimed that Bitcoin has exceeded its intrinsic value — which it apparently claims is around the level of $5000 per coin.
— Su Zhu 🦁 (@zhusu) May 20, 2019
What do you think about Miko Matsumura’s opinions on the intrinsic value of Bitcoin (BTC)? Let us know what you think in the comments below!
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