Beanie babies, baseball cards, action figures, comic books, crypto, all most definitely have an intrinsic value based on the fact that there’s is a supply and a demand. Behind every financial institution is supply and demand, it’s what drives economies. To deny crypto a place in verifiable economy is to deny that anything with demand has value. Superman #1 from 1938 isn’t worth the $3,207,852 USD it sold for in 2014 in my eyes. It wasn’t printed with gold on diamond encrusted paper, but that doesn’t mean it holds no value. Obviously it has a high demand and therefor holds a high price. It’s the law of economics. I don’t understand why anyone would believe crypto shouldn’t adhere to the same principles.
The proper thing to say is it scares most investors and financial institutions because of it volitility. Because it isn’t stable and swings both up and down completely unpredictably those who back fiat spread FUD.
RE: 'Cryptos Are Not Real Currencies ', 'No Intrinsic Value', Says Fed Chairman Powell