What’s the true value of bitcoin? A Morgan Stanley analyst says it may be zero

By Eric Brackett Published October 28, 2020

According to Coindesk, bitcoin is currently worth about $13,000, but Business Insider reports that Morgan Stanley’s James Faucette suggest the true value of bitcoin might be zero.

Though Faucette’s report, entitled “Bitcoin Decrypted,” did not give an actual value for bitcoin, a section called “Attempts to Value Bitcoin” gave some insight into his thoughts on the currency and why it can be so difficult to determine bitcoin’s value.

Recommended Videos

The first point that he considered was whether or not bitcoin could be considered a true currency. He concluded that due to the fact that there is no interest rate attached to bitcoin, it could not be considered a true currency the way the dollar or the euro are considered currencies.

He did concede that bitcoin shared some similarities with precious materials such as gold, but noted that, unlike gold, bitcoin has no real-world applications. Gold is used in jewelry and electronics, whereas bitcoin exists only as data. That being said, he admitted that the cryptocurrency held some value due to the fact that investors were willing to give it value.

He discussed the value of bitcoin as a payment network and conceded that it did hold some value in that regard. However, he also noted there were some limitations to its usefulness. The two issues Faucette cited were the fact that it is a difficult payment network to scale and does not charge a transaction fee.

Bitcoin is accepted by a small number of companies, but, as Faucette points out with his chart, that number is small and getting smaller over time.

bitcoin acceptance chart — Image used with permission by copyright holder

“If nobody accepts the technology for payment then the value would be 0,” Faucette said.

Of course, bitcoin currently does hold some value solely due to the fact that it can be exchanged for currency. However, the question that Faucette seems to be trying to address is whether or not bitcoin has intrinsic value. Is it truly worth anything or is its value constructed? To an extent, one could argue that fiat currencies such as the dollar hold no intrinsic value, but the faith and full credit of the United States government is still a very real thing, and there is no such institution supporting bitcoin.

Former Digital Trends Contributor

Topics

Cars

The Ioniq 5 is once again eligible for the $7,500 tax credit

2025 Hyundai Ioniq 5

After a brief and confusing absence, the Hyundai Ioniq 5 is once again eligible for the full $7,500 federal tax credit — and this time, it's sticking around (at least for now). So, what happened? Let’s unpack the ride.

The Ioniq 5, a sleek and tech-savvy electric crossover, initially made headlines not just for its design, but for being built at Hyundai’s brand-new Metaplant in Georgia. That domestic assembly qualified it for the EV tax credit under the Inflation Reduction Act (IRA), which requires vehicles to be made in North America with batteries sourced from trade-friendly countries. But early in 2025, the Ioniq 5 vanished from the list. Why? Likely due to its battery packs, which were then still being sourced from SK On’s Hungarian facility.

Entertainment

Sebastian Stan lays out Bucky’s future after Thunderbolts

Sebastian Stan in Thunderbolts.

There are some spoilers ahead for the ending of Marvel's Thunderbolts. Stop reading now if you don't want to be spoiled.

Earlier this year, Captain America: Brave New World briefly introduced a new direction for James "Bucky" Barnes, a character Sebastian Stan has been playing since 2011 in Captain America: The First Avenger. In Brave New World, the former Winter Soldier apparently retired from being a reformed hero and went into politics by running for Congress. Thunderbolts reveals that Bucky won his election to the House of Representatives. But his stay in Congress was short.

Cars

Jeep Compass EV breaks cover—but will it come to the U.S.?

jeep compass ev us newjeepcompassfirsteditionhawaii 4

Jeep just pulled the wraps off the all-new Compass EV, and while it’s an exciting leap into the electric future, there's a catch—it might not make it to the U.S. anytime soon.
This is a brand new electric version of the Jeep Compass, and being built on Stellantis' STLA platform—the same architecture underpinning models like the Peugeot E-3008 and E-5008—it looks much slicker and packs a lot more inside than previous versions of the Compass.
Let’s start with what’s cool: the new Compass EV is packing up to 404 miles of range on a single charge, a 74 kWh battery, and fast-charging that gets you from 20% to 80% in about 30 minutes. Not bad for a compact SUV with Jeep's badge on the nose.
There are two versions: a front-wheel-drive model with 213 horsepower and a beefier all-wheel-drive version with 375 horsepower. That AWD setup isn’t just for looks—it can handle 20% inclines even without front traction, and comes with extra ground clearance and better off-road angles. In short, it’s still a Jeep.
The design's been refreshed too, and inside you’ll find the kind of tech and comfort you’d expect in a modern EV—sleek, smart, and ready for both city streets and dirt trails.
But here’s the thing: even though production starts soon in Italy, Jeep hasn’t said whether the Compass EV is coming to America. And the signs aren’t promising.
Plans to build it in Canada were recently put on hold, with production now delayed until at least early 2026. Some of that might have to do with possible U.S. tariffs on Canadian and Mexican vehicles—adding a layer of uncertainty to the whole rollout.
According to Kelley Blue Book, a Stellantis spokesperson confirmed that the company has “temporarily paused work on the next-generation Jeep Compass, including activities at” the Canadian plant that was originally meant to build the model. They added that Stellantis is “reassessing its product strategy in North America” to better match customer needs and demand for different powertrain options.
So while Europe and other markets are gearing up to get the Compass EV soon, American drivers might be left waiting—or miss out entirely.
That’s a shame, because on paper, this electric Jeep hits a lot of sweet spots. Let’s just hope it finds a way over here.