What is Bitcoin’s fundamental value?

As it hits new highs, there is no shortage of bold predictions about Bitcoin reaching US$100,000 or more. Often these are based on not much more than extrapolations by people with vested interests: the price has gone up a lot so it will keep going up. If it gets above its previous high, it must keep going up. There is also “charting” or “technical analysis” – looking at graphs and seeing patterns in them. There may be fancy terms such as “resistance levels” and “Tenkan-Sen”. There is talk about “fundamentals”. Let’s examine this last idea. Does Bitcoin have a fundamental…

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