Bitcoin Isn’t a Currency, It’s a Commodity—Price It That Way

WALL STREET JOURNAL ASIA | on Thu, Jan 4, 12:22 AM

Is a bitcoin worth the $15,000 it commands today, or is it really worth about $3,000? The huge runup in value since September suggests the lower figure. Cryptocurrency fans typically fall into two groups. One sees the currencies as ways to buy and sell things; the other views them as investments. For now, the investment crowd is winning out: Bitcoin remains a cumbersome way to purchase most goods, but its value has skyrocketed, nearly quadrupling since mid-September....

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