What is the basis of the bitcoin valuation increase other than self-induced inflation? Is bitcoin supporting anything productive? It seems the one thing bitco

What is the basis of the bitcoin valuation increase other than self-induced inflation? Is bitcoin supporting anything productive? It seems the one thing bitcoin can't do is be a useful currency because it's too slow and expensive. With respect to "freedom", crypto currency is ultimately a cage: It is the most centralized instrument of trade ever implemented, and anonymous only as an accident of an incomplete implementation. The infrastructure buildout to support bitcoin mining is self-justifying and provides a semblance of "growth" that gets proffered as an illusion of productivity, but this is an ouroboros. If large amounts of money are being laundered through bitcoin, that might be confused with the dynamics of an investment. But that's not socially productive, it's regressive. So bitcoin is a currency that's too expensive to use and not structured to produce returns as capital or reserves. Ask people you know why they buy bitcoin. Is it because they want massively "profit" like the people they heard about who "invested" early? An economically useless financial instrument with gains realized by distributing the proceeds from growing numbers future buyers towards cashing out shrinking numbers of early buyers is a pyramid scheme! Pyramid schemes end when the supply of shills is exhausted.