BoE Cunliffe: There Is ‘No Intrinsic Value Around Crypto Assets’

What you're describing is what I call heart-of-man value. The value is embedded in human DNA after several thousand years of teaching kids that gold has value. The heart-of-man value enables gold to act as a store of value, which is a self-evident utility (aka intrinsic value), but the value still originates from the DNA.

The same can be said about BTC. Today's price for a bitcoin is $30K because that's what people are willing to pay for it. They feel in their heart that a bitcoin is worth that much, and that feeling enables BTC to act as a store of value.

Neither gold nor bitcoin have utility that goes beyond a value store, and that's why I say they have no intrinsic value. Some economists might disagree with that framework, however, because the question of intrinsic/extrinsic value is more philosophic than economic.

The big difference between gold and bitcoin is their age. Gold's been creeping into human DNA for several thousand years, whereas bitcoin has only been around for a decade. That means gold is far more likely to be valuable in 50 years, but bitcoin still has a chance!

Gold doesn't have intrinsic value either, but that never stopped it.

Goat, u r wrong, Gold has sacred value, it is palpable and the noblest metal in every culture, his availability is limited, not artificially reproducible, therefore his value will always remain and its price will become more and more expensive

What is cryptocurrency?
- joke, not more.

That's not true. The device you are using to post that message use gold. A lot of stuff use gold so it has intrinsic value.

Good joke Cunliffe. Tell us what's the intrinsic value of fiat currencies.
If governments don't make them legal tender, fiat currencies wouldn't have intrinsic value.