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With the wild price swings, Bitcoin has practically no value as anything other than a speculative investment.

Are any of these people downloading Coinbase and buying coins really interested in transacting in Bitcoin or are they just buying Beanie Babies?

Although, as someone who thought the bubble would burst at $1,000, I'm quite impressed at how much interest it has garnered. I just don't seeing it end well for many people.

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Why? Most people just put money they don't need into it, like spare cash. Depending on when you bought, chances of ever going down to that level now is incredibly small.

I'm not so sure in the middle of a buying rush that people are just putting spare cash into it.

But the larger point is that even if people are investing small amounts, they're doing so to ride the rush, not because they see value in Bitcoin as anything other than an investment.

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