What is the logic behind the surge in Bitcoin?

The logic behind the surge in Bitcoin is mainly due to its unique speculative nature. Caishen believes that Bitcoin, as a speculative product, has extremely high hype value.

Bitcoin is not likely to become a real currency, which is determined by its inherent deflation. Since the total amount of Bitcoin is fixed, if it becomes a universal trading currency in the world, then holding a certain amount of Bitcoin means that it will always occupy a constant proportion of global wealth, including historical, present and future value. This characteristic far exceeds the capitalist way of wealth accumulation. Therefore, the appreciation of Bitcoin has almost become a necessity, but this is exactly contrary to the circulation attribute of currency.

Although Bitcoin is often regarded as a monetary experiment, especially its attempt to remove the national attributes of currency and achieve decentralization, this can be regarded as a successful attempt to some extent. However, this does not change the fact that Bitcoin cannot become a mainstream currency.

So, what is Bitcoin? Although it has certain use value, such as a collectible or a speculative tool, its actual use value is not high. People buy and hold Bitcoin more for speculative purposes, rather than because of how important its practical value is.

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