General Discussion
In reply to the discussion: Do you use cryptocurrency? [View all]In It to Win It
(8,248 posts)value it.
Every investment that I or my group takes part in undergoes some amount of underwriting, analyzing, and research. Almost everything derives its value from some underlying thing and we can quantify that underlying thing. That is not the case with cryptocurrency.
It is valuable because people believe it is, and no other reason. I can't quantify people's beliefs so I don't touch it.
I remember a college professor introduced me to Bitcoin (and cryptocurrency in general) back in 2013. The pitch that I heard then was that it would replace the dollar (and the euro, the British pound, etc) as the primary currency. That is a belief that I thought was unrealistic. The pitch I got when this was introduced to me was so unrealistic and that shaped my opinion of cryptocurrency. My opinion never really changed.
However, I will say that I see tremendous potential in blockchain technology outside of the use of cryptocurrency. To me, blockchain technology has value in other things, but not in cryptocurrency.