Claim: Opinion: Bitcoin and Cryptocurrencies are Just the Beanie Babies of the Moment
The article, makes the claim that Bitcoin and cryptocurrencies are just the Beanie Babies of the moment; therefore, not valuable.
I remember the Beanie Baby crazy in the 90s. I received one as a Christmas gift and was instructed to keep it in mint condition as it would increase in value over time. I haven’t thought about about Beanie Babies for almost twenty years until this summer when an acquaintance mentioned the success of CryptoKitties . I hadn’t heard of CryptoKitties prior this conversation and for whatever reason or number of reasons, I instantly thought about Beanie Babies.
After the conversation, I decided to check eBay to see if anyone had Beanie Babies for sale. To my surprise, they were. An even bigger surprise is a green snake, named Hiss , with a price tag of $418.00. The first thought to surface was, Who’d pay $418.00 for a stuffed animal? Of course, the answer is a person who values Beanie Babies as collectables and or a person who’s of the opinion these stuff animals are valuable investments.
While thinking about the $418-priced stuff animal, I reflected on my childhood hobbies. During middle and high school, I collected basketball cards. I obtained cards by trading them, bartering, or purchasing them with cash. In my neighborhood, this was serious business. I collected basketball and basketball cards only, preferably cards of those who played for the Chicago Bulls. At no point would I pay cash for, barter to obtain, or trade my basketball cards for baseball or hockey cards. Why? It’s simple; I only valued basketball cards. In the summer, I’d mow laws to earn money just to buy basketball cards. I didn’t care how hot and humid it was.
In summary, what’s valuable is honestly left to interpretation. The author’s claim isn’t true or false. As of this date time, Bitcoin has value. Will it in the future? Only time will tell if investing and valuing digital currencies is a mere fad.
Thank you for reading,