The Daily Paul has been archived. Please see the continuation of the Daily Paul at Popular

Thank you for a great ride, and for 8 years of support!

Comment: intrinsic value

(See in situ)

intrinsic value

Can someone tell me what gold is backed by?

It seems to me that it is backed by confidence -- you know, the same thing that Bitcoin is backed by.

Value is subjective. There is no such thing as intrinsic value.

If everyone lost their interest in gold as money -- the gold price would plummet. This is also true for Bitcoin.