The Paradox of Bitcoin Valuation: What Are You Actually Buying?

If you were to ask any Bitcoin buyer why they paid $80,000 for a single Bitcoin, the answer would almost always be the same: the market determines the value. But that answer is circular. The market is not some abstract force or a law of nature. The market is made up of people, and that very buyer is part of it. Therefore, the question actually boils down to something much simpler: what exactly were you determining to conclude that it was worth paying $80,000? Of course, there would be no answer