⚡️🇪🇺 NEW - European Central Bank’s President Christine Lagarde says, "There is no underlying value” to Bitcoin
Meanwhile, the Euro has lost over 40% of its purchasing power in the last ...
She's right that bitcoin has no intrinsic value, but then she conflates that with gold which also has no intrinsic value...
Gold has value because we choose to give it value. We naturally value something scarce and yes it shines and has very durable chemical properties, but this was discovered over time and it's value collectively increased as we learned about these properties as they were understood to unchange over time and so they could "hold their value".
Bitcoin has these same durable properties, but they are not chemical, they are mathematical. It does not shine, but it has a better property... It hides. It is virtual and cannot be taken by force.
If bitcoin has no intrinsic value, neither does gold.
Gold has value because we choose to give it value. We naturally value something scarce and yes it shines and has very durable chemical properties, but this was discovered over time and it's value collectively increased as we learned about these properties as they were understood to unchange over time and so they could "hold their value".
Bitcoin has these same durable properties, but they are not chemical, they are mathematical. It does not shine, but it has a better property... It hides. It is virtual and cannot be taken by force.
If bitcoin has no intrinsic value, neither does gold.
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