If Bitcoins are indeed worthless, then financial markets should price them at zero. But the introduction of futures trading actually boosted the price in the short run. Even after recent declines, there’s no sign that prices will reach zero any time soon.
On the other hand, if Bitcoins are valuable simply because people value them, then asset prices are entirely arbitrary. The same argument can be applied to any financial asset.John Quiggin's Blog
Bitcoin kills the efficient market hypothesis
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government
2 comments:
I’m not convinced Bitcoin is a financial asset. I think it is more accurately referred to as a virtual commodity.
I'm convinced that Bitcoin is an useless "good". Worth zero. I think it is more accurately referred to as crazy nonsense.
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