Comment: Gold and Bitcoin do not have intrinsic value...

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Gold and Bitcoin do not have intrinsic value...

they have subjective value, just like all things have subjective value.

Gold and Bitcoin's value are not inside each Gold coin or Bitcoin, it is inside us, their prices are a reflection of the combined subjective valuations of individuals participating in the market process.

They have value, because people have valued them.

Check out the Laissez-Faire Journal at LFJournal.com


"The State is a gang of thieves writ large." - Murray Rothbard