Gold is "backed by" its commodity value that makes up about 2% of its total value? The remaining being monetary premium?perfect_simulation wrote: ↑Mon Jan 18, 2021 8:55 am I can't quite wrap my head around bitcoin being an asset like gold. Gold is a tangible commodity that also happens to be money. Bitcoin is a fiat currency in my mind - backed by nothing like the dollar and euro, etc. Might as well have some for diversification, buts its akin to cash IMHO!
Additionally, this is a sort of "intrinsic value" argument. Nothing has intrinsic value because all value is subjective and up to an individuals preferences and environment.