“Bitcoin has no value because it is not backed by anything!” I hear this all the time from Bitcoin skeptics. The funny thing is, fiat currency (or cash) that we know today is likewise not backed by anything other than the government’s trust and belief that the piece of paper is of any value at all. Ever since the collapse of the Bretton Woods system where USD was backed by Gold, fiat currencies have been experiencing a rapid decline thanks to the unlimited money printing going on which effectively devalues the dollar and every other paper currency around the world and that includes SGD. While today’s topic is about how to value crypto assets, it is important to understand what is money in the first place. Now, to say that Bitcoin has no value simply because it is not backed by anything, is the same way as saying how USD is not backed by any hard asset at all....