Bitcoin is a Ponzi
&gt; Nevertheless, investing in gold at the current price seems unwise, since its price is many times its &quot;natural&quot; price as commodity and so it is more likely to go down than up.<p>This is a misconception and a fundamental misunderstanding of gold&#x27;s primary utility for thousands of years.<p>While it is true that gold&#x27;s price reflects a significant premium beyond the &quot;natural&quot; market price, this has been the case for millennia. Since ancient times, most demand for gold has <i>not</i> been for industrial uses or jewelry, but rather as a store of a value. This results in gold having a &quot;monetary premium&quot;.<p>It&#x27;s also worth mentioning that it is no coincidence that humans happened to chose gold as money. Among all chemical elements, gold has a favorable combination of chemical properties and rarity in the earth&#x27;s crust that make it a suitable choice for storing value over long periods of time. In fact, nearly all gold mined in human history is still around today. We&#x27;ve been hoarding it since the time of the pharaohs.<p>I&#x27;m sympathetic to crypto skepticism, but I&#x27;m afraid many people are missing the forest for the trees. I&#x27;m curious for those that still truly believe Bitcoin is a ponzi scheme or a bubble - at what price point and time would you start to consider that you may be tragically wrong?