Please for the love of God someone tell him that people have been using gold as a store of value for 5000 years, long before we had any electronics!! That is NOT what gives gold its value.
Also tell him that jewerly is valuable BECAUSE it is made out of gold, not the other way around. We can make the exact same jewerly out of tin, aluminum, silver or titanium, but the one made out of gold will be worth more. Jewerly doesn’t make gold valuable, gold makes jewerly valuable.
People have always considered gold valuable because it is TIME-PROOF. This is what gives gold value. Time proof means:
as a single unit (that you can own) it will not degrade, rust, rot, oxidize, disintegrate nor melt. Meaning that you can store it for 100 years into the future
as the whole supply (total float) it will never inflate as it is scarce and extremely hard/costly to create new units of it, therefore you can keep the same AMOUNT OF TOTAL SUPPLY 100 years into the future.
This is what people find valuable, a time-proof element that nobody can mess with, and this is exactly what people see in Bitcoin.
What do you think Peter Schiff would say? I would love to be the one debating him but feel free to use these notes next time you talk to him..
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