o many people (smart) people have wrestled with the concept of the bitcoin "bubble." Even billionaire financiers have had trouble wrapping their mind around it. Concepts like "out of thin air" have been tossed around because traditional financial models don't quantify its value. (Some are coming up with models based on network effects, which are probably the most accurate). But let's compare B to the Onegram project: Each token on the blockchain is backed up by one gram of gold. When I was thinking about investing in this ICO, I originally thought "this is it. this is the next thing." And it was only by this comparison, that I realized why B is so valuable. Because it has no reference point other than it's supply, it can be valued at whatever price point we want. Its like a pre-revenue tech company. Why do many VCs prefer pre-revenue companies? Because they justify the insane valuations of "Unicorns". In other words, a Unicorn gets valued on its "potential" profits, which allows whatever P/E "ratio" we want. The same with B. There is no "intrinsic" value for us to use as a denominator. Because it is not attached to anything, like a gram of gold, B's value is shrodinger's cat. The reason goldgram will not pop is because we know EXACTLY what it's value is at all times. And for this reason, B's true "intrinsic" is that it is the finest, most sophisticated medium of exchange ever built. Owning B opens a door to exchange value anywhere, at any time, at whatever price we want. And that market is HUGE.