Putting aside the lack of a Bitcoin’s intrinsic value, what market need does Bitcoin satisfy to justify the $650 (and dropping) price per coin? Bitcoiners argue greater world wide adoption will drive the price of Bitcoin further into the stratosphere. I disagree.
Bitcoin has Dropped over 25% since Overstock Starting Accepting it as Payment
Wider Bitcoin adoption recently has not led to a higher Bitcoin price. In the past three months we have seen an acceleration in the number of merchants accepting Bitcoin, including online retailer Overstock.