The same is true of any currency. German children played with wagons full of bundles of cash because they were cheaper than wooden blocks after wwi. Even the value of gold has taken major hits during times of violent struggle. > Reality is that there is no underlying value on bitcoin ... I hear this all too often. The reality is that nothing in the world has underlying value unless people perceive it to have value at any given moment. Sure, gold has practical uses outside of being a currency, but not $1,500 an ounce worth of value. If everyone decided around the same time that they didn’t want gold in exchange for goods, the value would also plummet. So I’m aware that btc has no inherent value unless people give it value, I’m more wondering what the reason is *this week* that people have collectively decided that it has less value than last month