From Investopedia’s entry on the intrinsic value of bitcoins to the intellectual musing of investment experts, the search for the fundamental drivers of bitcoin’s valuation has focused on assessing it from the viewpoint of the three functions of traditional forms of money. As any decent entry-level course in finance would tell you, money can function as store of value, means of exchange, and as a measure of nominal value. When Roubini and company lambast bitcoin (and blockchains) being nothing more than a glorified spreadsheet, the critical reader will understand that they are ultimately arguing that bitcoin does ... (full story)