There are 3 major flaws in his criticism of Bitcoin. 1. "Why would I buy pizza with it when it’s far more profitable to hold onto the money and let the value a

There are 3 major flaws in his criticism of Bitcoin. 1. "Why would I buy pizza with it when it’s far more profitable to hold onto the money and let the value appreciate." Because you need to eat. Now. Not in 5 days. In other words, nobody sits on "paper" money forever and ever. Eventually everybody spends it, reinvests it, etc. Do you think Bitcoin holders are going to sit on their stash, never spending it, and watch the economy and value dies as nobody spends it? Of course not! By the way, the market has already proven you wrong: all indicators show that Bitcoin spending is increasing, despite everybody knowing about Bitcoin deflation: https://news.ycombinator.com/item?id=5296889 https://news.ycombinator.com/item?id=5296889 2. "Bitcoin is backed by, well, the faith of those who are willing to put money into it." Nothing backs gold either. By your logic, gold is a dangerous investment. We all know this is not true. Bitcoin, like gold, does not need to be backed by anything to succeed. Both assets are valued because people value their properties. That is all. (For the record, industrial demand for gold is negligible compared to demand from the speculation or jewelry markets, so saying gold has value because it is useful is not enough to justify most of its market value.) 3. "After all, if someone steals your bitcoins — hacks your account, let’s say — is it really a crime? And if it isn’t, then what incentive does anyone have to actually honor them?" If you had done some research, you would be aware that the US FBI and SEC are investigating and have investigated numerous Bitcoin thefts. They do consider it a crime.