This is why bitcoin works

From Bill Bonner, Editor, Bill Bonner’s Diary:

BALTIMORE – Last week, we attended a conference in Miami. Several crypto enthusiasts were there… including Teeka Tiwari and our own “in-house” expert, one of our sons.

The price of bitcoin has fallen from a high of around $20,000 to about $8,000 today. That kind of a fall would knock the wind out of most investors. But the bitcoin bulls are still surprisingly bullish.

“This pullback is very healthy,” said one speaker. “There were so many bad deals in the initial coin offerings (ICOs – similar to initial public offerings, but with cryptocurrencies instead of stocks). Some of them were just absurd. And people who bought into those deals deserved to lose their money.

“Now, we’re getting onto more solid ground.”

He could be right. Bitcoin seems to have found its footing in the $6,800–$7,000 range. Thereafter, it began a modest recovery.

“Look,

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