//Is Bitcoin's Value Due to Social Status it Brings?

Is Bitcoin's Value Due to Social Status it Brings?



In a strange, yet practical comparison, Bernstein compares Bitcoin to E.Jiao – traditional Chinese medicine derived from donkey skin. In 2016, China produced 5,000 tons of E.Jiao, which required 2.5 mln donkey skins. This has lead to a scarcity of donkey skins and cheap imitations coming to the market.

Source: Is Bitcoin’s Value Due to Social Status it Brings?