Blooming Bitcoins 0
At MarketWatch, Chuck Jaffe points out that bitcoins are worth whatever persons are willing to pay for them. He cites precedent:
And during tulipomania in Holland in the 1630s, the price of a common tulip bulb more than doubled in value to three florins, or about a week’s earnings for a craftsman from that era. More rare bulbs—those priced at 40 florins prior to the run-up—increased nine-fold; one of my college textbooks describing the phenomenon recounted the tale of a single tulip being sold for a dozen sheep and four oxen, two tons of butter, 1,000 pounds of cheese and more.
