Video by huddle.trade

There are two kinds of assets in the world. There are assets that produce cash flow and assets that don't. The assets that produce cash flow are things like stocks, bonds, companies, and buildings. If you buy one of those, it gives you cash, hopefully every year or month. And you can value it. Paintings, furs, oil, gold, Bitcoin.

They don't produce any cash. So you can't say what the right price for a barrel of oil is or a bar of gold. So if I say to you, Jeff, because Jeff's a fan of gold, why do you like gold? He would say it's a store of value. And in tough times, inflation or panic, gold holds its value.

Why does it hold its value? It's a price, a market. Well, it always has. Why has it? There's no linkage. There's no mechanism. There's nothing that makes gold the store of value other than the fact that people treat it as a store of value. And that leads us to Bitcoin. Bitcoin has no value other than the value that people accorded.