In the beginning, the main reason behind Bitcoin growth was the fact that it is a brand new method of transacting value outside of the traditional financial system. Later on, things like its high adoption rate and multiple uses helped in its growth and popularity.
According to Joseph Lubin in his interview in the daily show, he stated that the thing that gives value to cryptocurrency is that people believe that it does.
“When you get enough people believing in cryptocurrency, then you can snowball into something that society actually deems valuable, like the U.S Dollar.” —Joseph Lubin — One of Etheruem’s founders, CEO and Founder at ConsenSys.
Joe Weisenthal (an editor at Bloomberg) argued that the best way to think about Bitcoin is as a kind of religious movement. And that many of the characteristics and features of religion are found in it. Firstly, Bitcoin is created by a selfless mystical figure (Satoshi Nakamoto). Also, Nakamoto’s writings are treated as sacred texts. There are the Bitcoin white paper and Nakamoto’s early message board postings at Bitcointalk.com. The early correspondees are the Bitcoin saints. In addition, there are devils embodied in bankers and central bankers.
