HODLers believe Bitcoin can become a store of value like gold because the value of both is subjective, based on arbitrary “beliefs.” This assumption is flawed.
Gold has intrinsic value, beauty, and beauty is timeless. It’s not hard to imagine that the beauty one experiences looking at a sunset or the Grand Canyon struck people similarly millenniums ago – “belief” has little involvement.
Differences in architecture between the wealthy and poor over thousands of years reflect this as well—the former’s are still comparably more beautiful to us now as to them, as has been true through each period of history, on every continent.
Similarly, it should be self-evident upon reflection that an element of rare color and non-tarnishable shine requires no set of beliefs to be preferable for physical expressions of beauty like jewelry and architectural design to elements of duller, common shades that do tarnish. TJ
That the beauty in gold is this objective is evidenced in its history—across every continent, whether the Egyptians, the Chinese, the Greeks, or the Mayans, gold was valued for its beauty for these purposes. While individual preferences always vary, what matters is mean preference across a society, and that has remained consistent for thousands of years.