Bitcoin may be many things, but a currency isn't one of them

FILE- In this Dec. 21, 2017, file photo, a Bitcoin logo is shown is displayed on an ATM in Hong Kong. The price of bitcoin rose above $20,000 for the first time Wednesday, Dec. 16, 2020 as the speculative digital currency reached levels not seen since when bitcoin became tradable on Wall Street three years ago this month. Like other instruments used to store value in times of uncertainty, bitcoin has benefited from the pandemic which has push other commodities like gold, silver, platinum up to multi-year highs. But despite its high price, the currency remains a niche investment for most of the public, and remains extremely volatile. (AP Photo/Kin Cheung, File)

"I really like Bitcoin. I own Bitcoins. It's a store of value ..." – David Marcus (CEO of Paypal)

"Bitcoin, Dogecoin lead wipeout of over half a trillion dollars in manic Monday for crypto." – Marketwatch.com

Many passionate proponents of Bitcoin and its ilk maintain with near religious fervor the idea that these "cryptocurrencies" will eventually displace the dollar as the primary global medium of exchange and store of value. It is undeniable that early entrants have, until last week, seen the value of their Bitcoin holdings soar. Yet the novel new commodity has so far exhibited none of the characteristics required of a legitimate currency and many hallmarks of a bubble, as latecomers can attest. As of Sunday, Bitcoin had lost half of its value in just over a month.

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