A analogy could also be made with the art market. What drives the price of a Jeff Koons into the millions? The intrinsic value of the material of a plastic balloon dog is negligible.
One of Jeff Koons’s “balloon dogs” just fetched a record price, but who owns the rest of the litter? Is the art market going to collapse? What do the economists say about that?
What would happen in that case to the collection of Jose Mugrabi, The Man With 800 Warhols I think his son Alberto Mugrabi can sleep easy, the market is not going to collapse, and if he has any bitcoin, they are safe too!
I was so intrigued that I spun this off into a new post, concentrating on the art market: Bitcoins, Koons, Warhol, Mugrabi and the Art Market