Anyone bidding on a Bitcoin is not bidding on a productive project.
It seems that the same goes for gold, real estate, and so forth when they are used as a store of value. The difference is that unlike bitcoin, these things have other productive uses that they could be put to, less expensively, if they weren’t being used as a wealth-counting mechanism.
Using it as a store of value is detrimental. Anyone bidding on a Bitcoin is not bidding on a productive project.
It seems that the same goes for gold, real estate, and so forth when they are used as a store of value. The difference is that unlike bitcoin, these things have other productive uses that they could be put to, less expensively, if they weren’t being used as a wealth-counting mechanism.