Price is not a function of value. It is a result of demand. Demand is
a consequence of desire, which is an emotion produced according 
to subjective criteria. Over time, desire fades and price becomes
associated with cost. Initially Bitcoin has cost, and, after gain, this
causes desire to become tenacity of possession, and price adapts
to the need for overcoming possession by others. Therefore, the
price of bitcoin has nothing to do with whether it is inherently
worth anything. It has only to do with the proportion of people
who want it and the strength of their desire and tenacity.


Robert Hampton Burt
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