31 Jul '13, 4pm

The True Value of Bitcoin via @CatoUnbound

I’m often asked what a bitcoin is worth right now, referring to the price in fiat currency a unit is valued at, and I usually respond that I don’t know and I don’t care. The true value of bitcoin as a system, and therefore of a single bitcoin or fraction thereof, is currently immeasurable. This is generally met with skepticism, as if I’m playing a semantic game. And perhaps I am to some degree. But it’s really not quite so simple as saying “$91.92 USD.” The true value of bitcoin is not what a single bitcoin can be purchased for today but the combined future value of two intangibles: the composition of the bitcoin community and bitcoin’s useful purpose.

Full article: http://www.cato-unbound.org/2013/07/31/patrick-murck/true...

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