One possible explanation (and this is just my hack fraud armchair econ guessing) is that the current drop in price is part of a larger regression towards the mean price before the huge bubble of last fall. Even now, the price is still 5-6x higher than what it was then, which possibly suggests that bitcoins are (still) being valued higher than their actual worth. Just my two cents.
Oh yes, that’s certainly plausible. But if so — why the sudden drop? Why did it remain stable for so long instead of slowly regressing?
Also, how are we defining “their actual worth” here? It’s not like bitcoins are some company’s stocks where you can say their worth is minimally the cost of all of the company’s assets or anything.
The “actual worth” of a currency is, as far as I understand it, whatever people collectively decide it is worth.
