What's the value of a brick?
https://stockx.com/supreme-clay-brick-red
Both art and grifts have changing value > 0.
https://stockx.com/supreme-clay-brick-red
Both art and grifts have changing value > 0.
Bitcoin doesn't have a single one of those.
People who constantly make this argument don't actually understand how economics and monetary value actually work. They've just heard someone say it and, like most bro-science, it sounds about right so it should be right!
Right from the jump, they'd know that among the many other worthless parts of BTC, if we actually had a deflationary currency be the standard it would be a horrible, horrible reality.
Inflation is a tool so not being able to use it, yes, would make things more difficult. It's a double-edged sword though as inflation can get out of hand. BTC's scarcity ensures no one can print it out of existence.
I am also convinced that The Economy is a huge dumb emotional beast that no one fully understands. If that weren't the case, we wouldn't boom/bust constantly because we could predict accurately.
People who make your argument usually don't understand that monetary theory hasn't caught up to accommodating cryptocurrency because most of the ideas are decades old.
USD is not based on GDP. Its value can only loosely be attributed to it.
Less than a year ago NFTs had about as many daily transactions. Since then volume is down 97%+ and prices have collapsed, well on their way to the correct value of $0.
IMO bitcoin will go the same way. The market is just more entrenched in bitcoin mania so it's happening more slowly.