The Bitcoin hype train is back! Bitcoin halving, Bitcoin ETF approval and the prospect of lower interest rates have put Bitcoin back at the center of attention. But before jumping on the bandwagon, it’s worth asking – is bitcoin is a productive or speculative asset? Productive assets are able to generate income for the owner such that we don’t mind holding the asset forever. Speculative assets can’t. To profit from speculative assets, investors need to find a buyer who will purchase the asset at a higher price, which is known as the “greater fool theory”.  The greater fool theory suggests that we can make money as long as someone else comes along and buys the asset for a higher price despite the asset producing no income to the owner. This may be profitable for a while, but relying on this method of making money is pure speculation and the...