A currency could be a good investment if you expect the value backing the currency to outpace or be more stable than the value backing other currencies or asset

A currency could be a good investment if you expect the value backing the currency to outpace or be more stable than the value backing other currencies or assets. But in my opinion, Bitcoin is not backed by a lot of value, rather it’s backed by a lot of cost, which is confused for value. Enthusiasts wrongly believe that proof of work (the primary cost) is necessary to create scarcity (the primary value). Proof of work is not necessary to create scarcity, so it’s a pointless cost, and scarcity is not valuable enough to be the primary value. While scarcity is important to prevent inflation, we now have many cryptocurrencies which support scarcity. With that plethora of choices, the most valuable currency will be the one that producers and consumers (the real source if value) choose to transact in. People will choose to transact in the currency that best supports transactions. This comes down to cost, speed, and features.