Treat Bitcoin like an Asset, says Charles Morris, Editor at Atlas Pulse, as he joins today’s Finance Show at Tip TV along with Zak Mir, Technical Analyst at Zak’s Traders Café, and Bill Hubard, Chief Economist at Bullion Capital.
Bitcoin designed to be like Gold
Morris says that the key measure for Bitcoin remains its growing network, and is designed to be like Gold, an asset. The thousand of years of history is a key factor to value Gold, which is absent for Bitcoin, and this is why its entire value is based on the network.
Morris adds that Bitcoin isn’t money, but an asset, the more people use it, the higher its value will go. Bitcoin remains fundamentally different to fiat money, with the former having limited supply while the latter has infinite supply.
If not a currency, What is Bitcoin?
Morris believes that Bitcoin behaves like a tech stock, and its network remains its value maker. Morris adds that bitcoin is a digital asset and in the future it will have its use as an asset to the retail user and not as a currency.
On the BTC price, Morris notes that the fair value for the cryptocurrency remains at $386.