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Bitcoin's wild ride shows the truth: It is probably worth zero

The digital currency's value depends on it becoming digital gold-or on criminals

James Mackintosh | WSJ 

Behind every bubble is a good idea bursting to get out, and bitcoin kind of looks like a good idea, at least if you squint a bit. A digital currency without borders that governments can’t control and that allows secret online transactions? I’m in.

Bitcoin itself? Not so much. So is a single bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that bitcoin can displace the dollar, for the simple reason that it is badly ...

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First Published: Wed, September 20 2017. 02:51 IST
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