8: Bitcoin’s Intrinsic Value
Now, I know in “6: What is money?” I said it’s actually better if our money doesn’t have intrinsic value, but since this is a topic many people get hung up about on in bitcoin, here’s some considerations for why bitcoin is “valuable.”
Its issuance schedule is known.
It is created and secured by a scarce resource, energy. Bitcoin is built upon the strongest foundation.
Properties of a commodity (we will come back to this in a later post).
While people criticize bitcoin against cryptos saying….“But…hasn’t bitcoin not really been updated in 14 years? Didn’t its price drop from 60k to 18k?,” Does the molecular composition of gold change? No…and do we think that makes gold less valuable? No, we think it makes it more valuable.
