Ranch and Country Magazine Winter25-26

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December 1, 2025 Bitcoin Mania - Take Two

Twelve years ago- December 1, 2013- Ranch & Country Blog Notes published the post, Bitcoin Mania . Bitcoin had reached a high of $1203 in November. It closed at the end of that year at $760. By most measures this roughly 36% drop in value from its high would seem dramatic. But the price drop was a mere blip compared to the Bitcoin price surge through the year of 2013. At the beginning of 2013, Bitcoin traded at a low of $13. The $1200 high was an increase by a multiple of 92 times the original value! This single-year price surge was a once in a lifetime event for Bitcoin. Since that remarkable year, Bitcoin has seen ups and downs. This year (2025) Bitcoin reached a high of $126,000. This increase over 12 years is roughly the same increase that Bitcoin showed in the single year of 2013. As of this writing bitcoin is trading just under $90,000. But what is the value of Bitcoin? When we say Bitcoin is $13 or $100,000, we are measuring Bitcoin’s value in dollars, that is, the number of dollars one would pay to buy a bitcoin. But what makes Bitcoin worth X number of dollars? Bitcoin enthusiasts believe the cap on supply of Bitcoins creates a significant aspect of its value. The Bitcoin system is designed so that the maximum number of Bitcoins that can be mathematically found is 21 million. At this writing roughly 95% of the maximum have been “mined.” By the year 2140 all Bitcoin will have been mined. But this finite Bitcoin system, with its built-in scarcity in economic terms, only addresses the supply side of the supply/demand economic equation. Supply is the existing amount of a product or service, whereas demand is how much consumers want that product or service- how much consumers are willing to pay for it. Demand for a product can relate to its intrinsic value, its extrinsic value, or both. Intrinsic value is connected to a product’s usability, and its future earnings and growth potential. Extrinsic value is value that is not intrinsic to the product but related to outside factors such as public narratives, political trends, theories and beliefs. Oil has intrinsic value; it is used to produce energy. Various metals have intrinsic value as they are used to produce things. Technological products have intrinsic value as they can facilitate communication and information distribution. Land has intrinsic value. You can grow things on land. You can build things on land. You can build a life, a home, a safe place, a sanctuary. Extrinsic value is simply what consumers are willing to pay for a product. The price of products that have only extrinsic value can theoretically go to zero. Some examples of products with primarily extrinsic value and little if any intrinsic value are NFT’s (Non-Fungible Tokens), some works of art, out-of-the-money stock options, collectibles, fiat money, ie, currencies decreed as legal tender by a country’s government, and… … Many financial pundits claim that Bitcoin has no intrinsic value, that these staggering price swings are based on extrinsic value alone. Even if governments support Bitcoin at a certain price, that support could be removed by a subsequent government. If Bitcoin’s value is primarily extrinsic value, then theoretically the price of Bitcoin could go to zero. But there is one sure way to recognize and “realize” the value of a Bitcoin investment - and that is to sell it. If Bitcoin is liquidated at a certain price, then that price is the value of Bitcoin for that investor. If I were a millennial who was fortunate enough to have bought a few dozen Bitcoin at $13, I would consider liquidating some part of that holding and using those dollars to buy land. That way I would realize the value of my Bitcoin investment. And I would have acquired an asset whose value can never go to zero. Plus I would have an asset that can provide the things that matter most- a potential home, a potential source for food, and at the very least, a place to play. -RC Editor

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