Article Date:

January 14, 2021
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Author:

Financial Times

At Least Bitcoin does what it says on the tin

Gavyn Davies makes many perceptive observations in his opinion piece “Cryptocurrencies have ambitions for the role of gold” (Opinion, January 11). However, it seems to me that Mr. Davies fails to mention the most important point regarding bitcoin’s relationship with gold – and with silver – that all three are based on the same principle and are, in principle fundamentals, the same. Each has no store of value. The ability of anyone to be exchanged for goods or services depends entirely on consensus and convention. Each reflects the idea that in the future someone else will be willing to trade it in for something of value or use at whatever level they decide at that time.

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