This morning's Charlotte Observer published a wire service story about the CBOE bitcoin options. I was up early so I took in about 15 minutes of CNBC. And -- you guessed right -- an asset manager with Grayscale spent a few minutes touting bitcoin. He predicted a $1M price tag. He said bitcoin as a store of value is beginning to attract the gold bugs. That is Gresham's Law at work, although he didn't mention it.
Although bitcoin could be considered a "store of value" it's difficult at this point in time what that "value" could be if one accounts for what could be considered a "fair value."
If one figures fair value is determined by the market then I suppose whatever prices we witness today for bitcoin will be the fair value. It could range, for example, from $18K or higher down to $16K and lower.
Obviously the naysayers could trashed in a situation of skyrocketing bids. You just don't get it, the longs say. This is the future is money, they declare. Fiat money is on the way out.
Of course, there is this little problem of how much energy is consumed to make the crypto curreny the new money.
The Nasdaq's third tier, the AMEX can be just as bad, and last but not least, the OTC, it seems, are financial venues that reward failure.
