Where did I imply intrinsic value requires physical presence? Businesses produce cash flow, and therefore ownership stakes (stocks) have intrinsic value. Gold i

Where did I imply intrinsic value requires physical presence? Businesses produce cash flow, and therefore ownership stakes (stocks) have intrinsic value. Gold is used in manufacturing and has an intrinsic value (lower than its traded value). Bitcoin has 0 intrinsic value. This is not a slight against Bitcoin, it's just a property of most currencies. Bitcoin is no exception. A good thought experiment for whether something has intrinsic value is: would <thing> still be useful if nobody else on the planet wanted it? A share in a business would continue paying out dividends, and would absolutely be useful. A dollar bill would be useless (especially if it's an electronic dollar). A bitcoin would also be absolutely useless.