Comment Re:Nothing backs it (Score 1) 110
Price of silver has also dropped about 50% since it's peak in January. Yet, silver is valuable as both a monetary metal and industrial metal.
50% drop in the value of an asset is not that unusual.
If you have assets, you are wise to spread them out because anyone of them can underperform or fail. If you want to put 2% of your portfolio into BTC, you can only get burnt by 2% by that decision. If you invest in pre-IPO stock, you should limit percentages because risk of failure is high though returns can be spectacular.
If you think nothing more that betting on a greater fool you're in good company, Warren Buffet said, "Now if you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything."
Personally, I hold no BTC. I do hold some gold and silver, I hold some pre-IPO stocks, but most of my assets are spread around in what is considered low-volatility assets, mostly stocks.