We are in the middle of earnings season, yet it seems like the main thing investors are talking about these days is not the stock market, but Bitcoin. This is understandable, given that Bitcoin’s price has increased by around 400% in the last 12 months. The cryptocurrency has been gaining steam with companies, with Square and Tesla being two examples of companies that recently announced large purchases of Bitcoin. Even the popular online investment advisory portal, The Motley Fool, announced last week that it will be buying US$5 million of Bitcoin with its own balance sheet. But is it really a good investment? First off, how much is Bitcoin actually worth? Assets are usually valued based on a discount to the future cash flow it can produce. For example, a property’s value is based on its future rental income, while stocks are valued on their future free cash flows to shareholders...