History
Gold wins this one by a landslide as it has been considered valuable to varying degrees for thousands of years, multiple millennia before there was ever a dollar or a pound. The dollar was established as the principal unit of currency in the US in 1792. We can generally think of gold as having been around for thousands of years, fiat currencies as having been around for hundreds of years, and Bitcoin as having been around for ten. One can posit that it will be around for tens and maybe hundreds of years and maybe more but the fact of the matter remains that it has not yet established nearly the histories of gold or fiat currency. That said, the Lindy effect suggests that early years of history have more incremental value to societal trust in the money than later years and so the legitimacy of Bitcoin’s history is essentially catching up to fiat currency and gold faster than they are running away. Make no mistake, Bitcoin is the weakest form of money in terms of this characteristic. Still, the only inevitability is the passing of time. If you believe Bitcoin will simply survive, this current weakness can be viewed as a catalyst for its future increase in value as its inferiority in terms of established history could only decrease with time.
Last modified 2yr ago