One of the counterarguments against investing in Bitcoin and other cryptocurrencies is that cryptocurrencies do not distribute dividends.
I have not seen Amazon, Meta, formerly Facebook or Alphabet, named previously Google distribute dividends, but that does not prevent Amazon, Alphabet or Meta being valued only until recently at + 1 trillion USD each and around 5 trillion USD altogether.
Even Warren Buffett who is a fan of dividend distributing companies has bought more than 1 billion USD shares in Nubank, a Brazilian crypto bank.
Valuations or value in the end is all about human perspectives. And humans perceive something as valuable when it actually brings value, cost savings, wealth increase or pleasure to them. Yes, I know the tulip bulb mania, the dot-com bust, the 2008 housing bubble etc. Many of the companies therein ended up worth zero and they bankrupted.
I doubt Bitcoin will have the same fate, since the package of efficiencies or cost savings Bitcoin and crypto create is simply too large and broad.
And since cryptocurrencies outside Bitcoin are actually tokens on a company's project, companies issuing cryptocurrencies could easily have their crypto tokens distribute dividend payments.
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