2 ms·
I think the key thing missing is that gold has a few thousand years of cultural inertia behind is since humans have used it as a store of value, show of ostenta
by nonameiguess 4y ago
I think the key thing missing is that gold has a few thousand years of cultural inertia behind is since humans have used it as a store of value, show of ostentatious wealth, and cross-jurisdiction medium of exchange for about as long as we have records. It may not still be well-suited to that purpose, making Buffett right on the fundamentals, but it could take centuries for current practices to reconcile with that reality. Bitcoin, on the other hand, has none of that historical advantage working in its favor. It's more like discovering some new kind of volcanic rock that only exists in one place, can't be artificially manufactured, has no industrial applications, and isn't pretty when made into jewelry, but is guaranteed to stay rare, and trying to convince people they should treat it like gold.