store of value so that the whole world accept gold as an investment asset. When someone buys gold, he understands very well that anyone will recognize and accept gold, because what he buys is a metal that has value.
Conclusion from my post:
which determines whether or not there is value in the medium of exchange, not in the object being exchanged.
In other got is to determine if something have value, we must first of all understand the term value. Value talks about worth and acceptance (that’s me keeping it simple). If we are to look at it, it doesn’t need to be backed by anything as a determinant of its worth or generally accepted by the public before we can say it has value.
Gold assumes a physical nature while cryptocurrencies takes an intangible nature and that’s okay. It doesn’t have to have a physical nature or be backed by something or generally accepted to have its value. The seller and buyer determines its value. When you buy programs or codes on the web, it doesn’t have a physical nature and yet you exchange your hard currency for it. Bitcoin is no difference and it’s still at its growth phase.
The multitude that accepts today or are aware of it today is far different from 10years ago. So it would continue until it attains a global acceptance.