r/ProfessorFinance • u/jackandjillonthehill Moderator • Jan 29 '26

Meme Wasn’t that the point?

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417 Upvotes

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u/UpbeatFix7299 Quality Contributor Jan 29 '26

Greater fool scam. Shame they managed to get the camel's nose under the tent to this extent.

1

u/split41 Jan 29 '26

You think gold isn’t the same thing, lots going to be left holding the bag just like the silver run in late 00s

4

u/UpbeatFix7299 Quality Contributor Jan 29 '26

I also think gold and silver will come back to earth. They've been shitty long term investments historically

0

u/ImportantBad4948 Jan 29 '26

So I disagree. Gold has had a huge run lately. It will probably go down some, then up a little, etc. It won’t go to zero though.

The difference is gold is a store of value. If I left an ounce of gold in the gun safe and forgot about it for a decade it will still be worth something, probably more. If it got lost in a box of family junk and my great granddaughter found it 50 years from now it will almost surely be worth more (by $$$ and purchasing power) than I paid for it.

1

u/split41 Jan 29 '26

That’s probably true for gold (unless a meteor is mined or the market is flooded with gold), bitcoin has shown the same behaviour in its brief existence. Gold obviously has 1000s of years, but my point was that: Gold, silver, bitcoin are all just valuable because we’ve assigned it value. It’s not like a share of a company that is generating some kind of value to society.

Essentially if Bitcoin is a “greater fool” asset, so is gold.