There is nothing pumping the price other than hype, there is nothing backing it.
This is just bullshit.
Every transaction requires physical energy to complete, and that electrical power costs money. Every transaction link in the chain takes money and power to produce, and is rewarded by producing ever reducing quantities of the currency for further transactions.
Btc is worth something bc ppl pay for power to process the transactions. The value is not in the actual token (in your wallet), its in the blockchain ledger, which was built over time just like the value of the coin.
Your argument may apply to pre-mined coins, but not btc, eth, xmr, and countless other coins.
Could you argue that the value of the coin exceeds or doesn't meet the cost (in electricity) of transactions? Sure, but thats tough to calculate, be my guest.
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