Bitcoin has no intrinsic value. Is that really true?

Anyone who derives intrinsic value exclusively from future cash flows reaches a different conclusion on Bitcoin than someone who also considers monetary properties.

Boris Jurczyk and Jan Horak question the premise behind the claim that Bitcoin has no intrinsic value. Intrinsic value is not measured in a uniform way, and many assets that institutional investors routinely hold cannot be valued through future cash flows alone, gold being one example. This is distinct from claiming that Bitcoin has no value.

Video (German-language episode): https://youtu.be/STMj8e0Cg5Y

What the episode covers

• Why not every asset can be valued through future cash flows, using gold, collectibles and currencies as examples
• Which properties can explain demand for Bitcoin: limited supply, transparent issuance rules, decentralization, global transferability and network effects
• Caveats: properties do not automatically explain the market price, and in stress phases such as 2022 the correlation with equities rose markedly

Endlich verstanden

Their answer: yes, if intrinsic value is derived exclusively from future cash flows. No, if the term is understood more broadly and includes the distinctive properties of an asset.

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About the format

“Endlich verstanden: Digitale Assets” is a German-language educational series from 21Nexus. “Endlich verstanden” means “finally understood”. In each episode, Boris Jurczyk and Jan Horak discuss a widely held statement about digital assets and answer one simple question: Is that really true?

The episode is in German. Watch it on YouTube: https://youtu.be/STMj8e0Cg5Y. It is also available on Spotify and Apple Podcasts.

The content is provided solely for general information and context. It does not constitute investment advice or a recommendation to buy or sell financial instruments and does not replace individual advice.