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The article is generally factually correct. Bitcoin is a commodity; in some ways investing in Bitcoin is no different from investing in Euros (if you live in th
by andrewla 7y ago
The article is generally factually correct. Bitcoin is a commodity; in some ways investing in Bitcoin is no different from investing in Euros (if you live in the US).
I think what wiggle room there is is in this statement:
> These astronomical early Bitcoin gains can be treated as an anomaly arising from a price discovery process that will never be repeated.
I think there have been numerous price discovery phases in the Bitcoin price history, and that's reflective of the wild ramp-ups and following crashes, but it's by no means certain that we've passed the last of the price discovery phases. Looking only at performance over a cherry-picked timeframe is not a great way to evaluate the overall quality of a security.