Damn it—gold became a great reserve asset precisely because it’s “useless” to humankind?🔥
Following this logic, then Bitcoin is even better: besides being a currency, it doesn’t really have any other use.
This is the view of a top gold analyst—worth thinking about:
If corn rises to $1,000 per bushel, people will starve.
If oil surges, the economy will completely come to a standstill.
But if gold rises to $1 million, nobody will be harmed because of it.
This means a reserve asset absolutely cannot be consumed at the same time as a production or life-critical necessity—otherwise its surge would punish the real world.
I think gold, although its industrial demand is low, still has everyday applications: it gets melted to make jewelry, teeth, and electronic chips.
As for Bitcoin, it’s a pure artifact that completely has no industrial necessity competing for its share as money.
It has no factories waiting for raw materials, no consumer-grade losses—it was created for one purpose only: to serve as currency.
Gold becomes an excellent reserve asset because it is “sufficiently useless”;
whereas Bitcoin is, besides acting as money, “useless” for everything else.
Following this logic, then Bitcoin is even better: besides being a currency, it doesn’t really have any other use.
This is the view of a top gold analyst—worth thinking about:
If corn rises to $1,000 per bushel, people will starve.
If oil surges, the economy will completely come to a standstill.
But if gold rises to $1 million, nobody will be harmed because of it.
This means a reserve asset absolutely cannot be consumed at the same time as a production or life-critical necessity—otherwise its surge would punish the real world.
I think gold, although its industrial demand is low, still has everyday applications: it gets melted to make jewelry, teeth, and electronic chips.
As for Bitcoin, it’s a pure artifact that completely has no industrial necessity competing for its share as money.
It has no factories waiting for raw materials, no consumer-grade losses—it was created for one purpose only: to serve as currency.
Gold becomes an excellent reserve asset because it is “sufficiently useless”;
whereas Bitcoin is, besides acting as money, “useless” for everything else.