Many cryptocurrency fans would definitely react to the statement of the title.
But before any of us react, let me put out my argument. And its plain simple.
How we value bitcoins and other cryptocurrencies is always tied up to how much dollar it can be exchanged to.
We can also exchange cryptocurrencies into other currencies.
Whatever is the case, we only value Bitcoin and the other cryptos by how much we can exchange them with FIAT money. Thus, the main driver is still speculation.
The use of any crypto to be the mainstream means of buy and sell of goods and services in the real world have not yet been accepted and implemented on a wide scale, with the exceptions of a few countries who use them for transactions in coffeeshops. But not yet in other aspects of their economy.
No one is really stocking up on Bitcoin, Etherium, Bitcoin Cash and other cryptos because they would become the means of exchange. Most buying that is happening is for investment purposes if not speculative.
The appearance of a lot of other cryptos also negatively affect the eventual becoming mainstream of Bitcoin that the supporters of Bitcoin hopes.
What do you think people?
