Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.
Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.
We really think of Bitcoin as a global, interoperable payment network instead of a store of value.
As money, Bitcoin achieves two objectives; it's both a unit of transaction as well as being a store of value. The U.S. dollar, for example, is a unit of transaction, but it is not a store of value.
With Bitcoin hard-coded to be limited, it’s like a collectible.
In truth, the best Bitcoin can hope for is to be a second-rate version of gold, if that.
Our basic thesis for bitcoin is that it is better than gold.
Some people buy art because they're confident that it'll be a good store value, and this is kind of a recent phenomenon.
