Gold bugs are typically loud about bitcoin's lack of intrinsic value. Gold is used in jewelry and electronics, among other goods in the real world. And yet gold’s market value exceeds its industrial use value many times over.
What gives?
I explore the myth of "intrinsic value" in the latest issue of FIRE BTC 👇
Gold's "intrinsic" value is severely overrated. Jewelry is basically wearable SoV, which made a lot of sense is ancient times when there were few other options for storing it. Electronics/industrial uses are mostly a very recent development so they don't explain anything about gold's value before a hundred years ago or so. Gold has always been pretty much useless for anything other than money which is why it was the best money available before bitcoin.
Yes, exactly!
