Define 'intrinsic value' though.
I don't think shininess counts.
I don't think shininess counts.
For BTC this would be the value as a payment network and a means of facilitating transactions. Its value as an investment would not count.
Why not?
Gold is often used as a comparison, but gold doesn't generate anything either. And gold will generally lose value compared to an investment in a productive asset.
And I don’t understand why we have this gold comparison. Compared to a productive asset, gold won’t be generating any value. But gold’s value in the first world is at least somewhat in lockstep with inflation, where Bitcoin is all over the place and can’t be used as a hedge like gold can.