“It delegitimizes the argument that Bitcoin is like gold,” said Vetle Lunde, an analyst for Arcane. “Evidence points in favor of Bitcoin just being a risk asset.”
People said that Bitcoin is like gold, an actual physical asset?
People said that Bitcoin is like gold, an actual physical asset?
gold is actually not doing very well either in this inflationary environment due to rising interest rates. Gold bugs are pissed.
Seems like it's doing it's job quite nicely.
It's not but there's definitely a difference between:
BTC: 0.5 trillion market cap
USD: ~1,000.0 trillion market cap
Also, BTC could just dissapear overnight, really, while USD is the de facto currency of the world so ...
If you cut the supply of gold tonight, tomorrow morning there will be lost utility in the society irreparably.
If bitcoin disappears tonight, tomorrow will be Thursday.
Look up gold’s use by mass. It is dominated by gold’s value being a social construct.
Because your wife says so. Yes jewelry in genaral is a social construct, but it is not replaceable. At least it was not for the past 5000 years.
When the Spanish discovered the “new world” they didn’t have to convince the locals that gold was valuable they’d been hoarding it too. For centuries, without any communication or contact at all.
It’s been held as a high value asset in basically every iteration of humanity that’s existed, including today’s. That’s about as close a definition of intrinsic as you’re going to get in this world.
This is very much a tangent, but my favorite fun fact is that if you got all the gold humans have ever mined and put it in one place, its smaller then you'd think. It would be a cube about 70 feet on each side. Most metals, including gold, are infinitely recyclable. There's a good chance any gold jewelry you have has quite a past, having been melted down and reforged quite a few times.