It’s driven purely by emotions and technical analysis (7/10)


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There are only two true drivers to Bitcoin's value: investor emotions and technical analysis (i.e., pretty charts). Neither of these is a particularly intriguing reason to buy in, especially since neither will help over the long run.

Fear of missing out (FOMO) and cheerleading from the likes of Tesla CEO Elon Musk have fueled this record run higher in Bitcoin. As noted earlier, utility remains poor, scarcity is a myth, and the barrier to entry is virtually nonexistent. What we're seeing is day traders having a field day, and that's not something I want my money in.


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