There are a total of 21 million bitcoins in the world, and at the current market price, their total value is about over 2 trillion US dollars, a figure that even surpasses Russia's GDP. However, Bitcoin does not correspond to any actual production activity, so where does its value actually come from?

This is indeed a perplexing question. Let's try to understand this phenomenon by comparing Bitcoin with gold.

Firstly, gold is a tangible substance, readily accessible. Mining gold requires a significant amount of manpower and financial resources, therefore its intrinsic value is considerable.

In addition, gold can be made into jewelry, and wearing gold jewelry is often regarded as a symbol of identity and status, making it highly favored by people.

In contrast, Bitcoin is a virtual entity that is neither visible nor tangible. It has not received formal recognition as currency by any government. Not to mention, Bitcoin has no practical use and cannot be made into jewelry like gold.

However, surprisingly, the price of Bitcoin far exceeds that of gold, and the gap is quite large. This phenomenon is indeed puzzling and must be confusing for economists as well.

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