Hi Joe,

Thanks for reading and commenting on this article - I appreciate it!

When you say:

“…The price of Bitcoin is set on its blockchain method of verification which cuts out the middle man (aka Banks and Investors) effectively decentralizing control of money…”

The price of a BTC is determined by market forces, what price a seller is willing to sell the coin at, and the price at which a buyer is willing to buy at. The blockchain does not determine the price, but merely records it at the moment of the transaction.

So the price of BTC is subject to all the same forces of ignorance and stupidity which rules the pricing of all other assets, like real estate (bubble) and tulips (bubble) and dot com stocks (bubble) and any other asset.

The important fact about BTC is that it produces no wealth, no cash, no product. So people are placing a “value” on something that inherently has no value other than as a speculative “greater fool” instrument.

Good luck out there.

SD