TCB Short - Can Bitcoin Become Worthless?

Today we answer the question: Can Bitcoin Become Worthless? We examine whether Bitcoin can become worthless, defining worthless as when no one subjectively sees value in something. We argue that historically money becomes worthless mainly through uncontrolled supply expansion and inflation—citing Weimar, Zimbabwe, Venezuela, and noting the U.S. dollar has lost 97% of its purchasing power since 1913 alongside roughly 1000x money-supply growth. Bitcoin was designed to remove this failure mode ...