Has Bitcoin Burst?
"Like all fiat currencies, cryptocurrencies really don’t have intrinsic value. But that doesn’t mean that people won’t treat them as if they do, and sometimes for sustained periods of time. In fact, people have throughout history accepted things that have no value in exchange for things that do. Examples of non-government-issued currencies being used for periods of time include playing cards in the French colonies in the 18th century and limestone discs on the island of Yap centuries ago. What this means in practice is that even if a currency doesn’t have intrinsic value, it could still be used for some period of time." - Steve Strongin, Goldman Sachs Global Investment Research.