| Border - 11/18/2024 23:49
Bitcoin is a speculative asset with no intrinsic value. I’d put it right below baseball cards.
You are not entirely wrong. It's hardest in Western countries with a long tract record of stability and relatively low inflation to take bitcoin seriously. Other areas of the worlds where the currency fails or hyper inflates every few decades it is much more easy for people to grasp.
The strange things is that money inherently has little intrinsic value compared to what people value it at. to Sea shells, glass beads, large stones statues even gold.
Something like copper coins that actually have a good deal of intrinsic value and practical use didn't make good money because the number can be increased so easily even though many people tried to use them. Something as worthless as glass beads did work as decent money until those societies began trading with other societies that could make glass in large quantities. The main usefulness of Bitcoin is that numbers cant be manipulated unlike ever other form of money in the past (even gold) and since it is has no intrinsic value there are no outside use cases affecting its value except for human psychology. Another example is Grain being used as money but the value and supply was constantly being changed because of yield variation.
Like it or not international trade will start happening in bitcoin, likely within 5 years. Saudi Aramco will eventually decide accepting Bitcoin makes more sense than Chinses Yen... They both have the same intrinsic value, nothing. The only difference is that the Yen has perceived value because someone with a gun in China says it does. Bitcoin has perceived value because its the most secure computer network in the world that can keep track of numbers that are sent between addresses.
Edited by turbo diesal 11/19/2024 05:04
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MicroStrategy chairman at Cantor Fitzgerald
