Sylvain, note that on the topic of intrinsic value, you are right about the dollar. Items like gold, currency, crypto, commodities, etc have no intrinsic value because they don't produce anything, and so buying them hoping they increase in value is a form of speculation. Note Buffett never invested in gold either, so his reluctance to speculate did not start with Bitcoin. One issue with trying to invest in Bitcoin is trying to guess what is a good price. Is the current price high or low? You have to guess as to the future level of demand to try to make a bet. I don't have any issue with people speculating / gambling with a small part of their portfolio, but it helps to understand that it is not investing so that people don't go all in on a 'sure thing' and ignore the risks. I don't know that Bitcoin is a bad investment, but I don't know that it is a good one either, so I prefer to put my money into things that I'm more sure about (real estate, etc). It's not that I care about Bitcoin one way or the other, but I just don't like to speculate with my money.