Bitcoin’s strongest narrative is “digital gold.” Investors buy it not out of an expectation that it will behave like gold behaves in the market today, but that it will some day take on the historic importance that gold has held across cultures and ages.
My colleague George Kaloudis recently reminded me that there’s one important aspect in which bitcoin will never be like gold: In a vault or in the ground, gold will always be gold; bitcoin, however, is a technology, and a technology…
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