As per Morgan Stanley analyst James Faucette, the real value of bitcoin would be zero.
Faucette had sent out a note to Morgan Stanley clients before Christmas suggesting that the cryptocurrency’s true value could be zero, based on the fact that only few online retailers accept bitcoin, and that the number of retailers that do accept it is shrinking.
“If nobody accepts the technology for payment then the value would be 0″.
He did concede that bitcoin shared some similarities with precious materials such as gold, but noted that, unlike gold, bitcoin has no real-world applications. Gold is used in jewelry and electronics, whereas bitcoin exists only as data. That being said, he admitted that the cryptocurrency held some value due to the fact that investors were willing to give it value (read).