starvethebeast on Nostr: @saifedean​ Hi Saifedean. A lot of my friends ask what gives Bitcoin it’s value. ...

@saifedean​ Hi Saifedean. A lot of my friends ask what gives Bitcoin it’s value. Like why is the market prepared to exchange tens of thousands of dollars of their hard earned money for 12 words to access an immutable ledger. Is it’s value based on faith that we all have for it (as in we all agree it’s valuable so it is so)? Or does Bitcoin have value on its own?

I understand it’s very useful because of its scarce and incorruptible properties. But how does it gain value? It seems like a bit of a circular argument to say it’s valuable because it’s useful as for it to be used in the first place it would need to have value. Would love to know your thoughts