It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
I do not understand where the backing of Bitcoin is
coming from. There is no
fundamental issue of capabilities of repaying it in anything
which is universally acceptable, which is either intrinsic value
of the currency or the credit or trust of the individual who is
issuing the money, whether it’s a government or an individual.
~ Greenspan says Bitcoin is a bubble with no intrinsic value, Bloomberg, December 4, 2013