For those most part, these gold bugs do not believe in the long-term viability of bitcoin due to its lack of “intrinsic value.”Peter Schiff is one such gold bug who is a noted critic of bitcoin. One of the first questions I had about this new digital commodity was why it was not backed by a physical commodity such as gold. Like many others who have researched bitcoin thoroughly over the years, my understanding of money and intrinsic value has been flipped on its head by Satoshi Nakamoto’s financial innovation. Bitcoin’s Intrinsic ValueSo how does bitcoin have any value at all? The Collectible Use Case Bootstraps More ValueOnce bitcoin gained a price in other assets, it could then be used to transmit value over the internet in a censorship-resistant manner.

Source: Forbes October 27, 2017 17:03 UTC