The second link does nothing to refute the idea that bitcoin, as an investment instrument, is purely speculative. The author simply argues that bitcoin is uniqu

The second link does nothing to refute the idea that bitcoin, as an investment instrument, is purely speculative. The author simply argues that bitcoin is unique among money-like assets. The first link describes the hypothetical utility of bitcoin, but does nothing to explain a natural reason that bitcoin should have returns or appreciation. In fact, since the author describes bitcoin as a "medium to store wealth," the assumption should be that every buying transaction has an opposite selling transaction, which means there would be little to no overall price impact from any of the described activities. I wouldn't scramble to dismiss what Jack Bogle says. He may be 88, but he has earned a reputation as a clever, knowledgeable, and decent fellow.