A few notes:
- There was a “market” for Beanie Babies. That didn’t mean that the market participants could establish a value for a given Beanie Baby in the same way someone valuing an equity can. In other words, people grace certain speculative activities with the name market, even though the participants are operating in a fundamentally different way.
- Bitcoin is not the only cryptocurrency. Someone made a blockchain in like 30 minutes in a programming meetup recently.
- Even if Bitcoin were the only cryptocurrency, you seem to be “valuing” it based on being able to hide transactions, including criminal ones, from the government? You’re right. They’re cracking down on it for precisely that reason. Maybe think of another reason Bitcoin is valuable, and “value” it assuming the world governments want to collect taxes and monitor transactions.
- I only hold actual currencies backed by governments I trust can defend the worth of.