Bitcoin - Greater fool theory?I don't own Hut8, but bitcoin and cryptocurrency in general has creating big headlines in the news this last month. Myself trying to educate myself to learn about mining, recently watched Hut 8 mining youtube video on their Medicine Hat division.
What is the future of bitcoin, Etherieum, Binance? Some of the richest people in the world e.g. Bill Gates, Warren Buffet believe its based on a greater fool theory of who is willing to pay more than the next person. Buffet mentioned these type of investments do not end well and would not be surprised many of these cyptocurrencies go to zero. Similar to people buying tulips in Denmark in previous history. One thing I do know is can't go to most stores to buy common goods that people need on a daily basis with bitcoin. Bitcoin does not produce anything apart from selling it to the next fool who wants to pay more. Highly unlikely this takes over any currency in the world and US/Canada dollars will always be around e.g. can go to any grocery store and make purchase unlike bitcoin.