... for gambling addicts. Because it is a 'meme' asset (or store of value or whatever you believe it to be), "if we all believe in it, it can only go up, right?" Unlike tulips, racehorses, equities, or any other speculative investment -- bitcoin has absolutely no fundamentals underlying it. It's just pure belief, maybe pure Nietzschean will to power.
The only limit to liquidity is when people (retail investors) need the money for something else, like rent. So the swings in value you see are nothing much more than the ebb and flow of disposable income among gamblers.
One branch of behavioral economics has speculated that money has a "drug" value, where the investment is more about the internal emotional reward that you are getting from the process (just like in going to a casino) than the convertible value of the asset itself. What you are really HODLing on to is the process addiction of anticipating gains, and the thrill of the risk, and the emotional rollercoaster of checking your portfolio, etc etc. The "bitcoin investment" is just what Alfred Hitchcock would call a MacGuffin.
Anyhoo, hope you guys are having fun at the track.
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