2010: Bitcoin Founder Satoshi Compares BTC to Precious Metals
Back in 2010, when the mysterious founder(s) of bitcoin, known as Satoshi was still active in forums, he/she/they had some interesting things to say about gold/PMs as currency, and how the metals compare to their new digital creation:
It’s the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.
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