Massive Bitcoin Sale – Domain Name Wire

Bitcoin has an incentivized workforce that keeps new money coming in.

Picture of a pile of gold coins depicting bitcoin

The value of bitcoin is increasing once again.

Depending on who you ask, bitcoin is either a currency (it is uncommonly used as one) or a store of value (a very lousy one). One thing is certain, though: some people have become bitcoin-rich.

I’d argue that a key reason for bitcoin’s current valuation is that it has huge built-in sales. People who own bitcoin spend a lot of time talking about how it’s so great and everyone else is missing the boat. This may be because they really think it’s a great opportunity, but it’s also because getting more people to buy bitcoin is the only way it continues to increase in value. The cryptocurrency needs to constantly attract new money.

I see a little parallel to .com domain names and domains. Post a story about new top-level domain names, and you’re bound to get comments from .com owners’ poo-pooing extensions that don’t end in .com.

Why? One, I think they really believe it. Two, it is in the best interest of a .com owner to continue to set the domain as the gold standard.

(To be clear, I think trading in domain names and bitcoin is very, very fine. ok different. But both tend to draw many of the same types of people, so your domain investor friend probably owns a few cryptocurrency.)