Final answer:
The statement that Bitcoin has no intrinsic value because it doesn't have expected future cash flows is false. The correct answer is false.
Step-by-step explanation:
The question whether Bitcoin has an intrinsic value if it is based on the present value of its expected future cash flows can stem from a misunderstanding of the nature of cryptocurrencies. The statement is false because the concept of intrinsic value based on future cash flows is typically applied to assets producing income like stocks or bonds, which is very different from how cryptocurrencies function.
Cryptocurrencies like Bitcoin do not represent ownership in a company and do not pay dividends or interest. Therefore, they do not have traditional cash flows associated with them. Instead, Bitcoin's value comes from other sources, such as scarcity (there will only ever be 21 million Bitcoins), accepted use as a means of exchange, and the security of its underlying blockchain technology. The value to investors or users may come from potential price appreciation due to increasing demand relative to its fixed supply.
It's crucial to understand that Bitcoin and other cryptocurrencies are a new asset class and arguments about their value are part of an ongoing discussion in the finance community. Determining whether investing in Bitcoin is appropriate for an individual's portfolio should be based on thorough research and a clear understanding of personal investment goals and risk tolerance.