This is precisely how I feel about bitcoin.

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Bitcoin's success is predicated on other people buying in and hoping somebody will buy it for more than them someday.

It produces no yield, no dividends, has no balance sheet, no products, no IP, no revenue, no employees.

It relies purely on the endless enthusiasm of its owners who constantly prop it up to encourage more people to buy. Once you're an owner, you are part of the marketing team.

Its original theorized purpose was to be outside of the financial system, untraceable, unconfiscatable and to be used as currency.

Once people realized the cost of transactions was high, it was rebranded as a "store of value."

Unfortunately, it's terrible at almost all those things. It will likely one day be looked at like tulip mania, beanie babies, NFT's and the like.

It was always a lottery ticket and just because it made some people rich, it was touted as valuable.

Eventually, I believe, many people will be left holding the bag. Except if there was a bag, at least it would provide you with the ability to carry something. In this case, you won't even have a bag.

Only time will tell, but basically the only people who believe otherwise are bitcoin owners and this viewpoint goes completely contrary to their own self-interest.

They feel obligated to dissent as their own capital depends on it.

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