We once valued diamonds because of their alleged scarcity (and because of DeBeer’s extremely successful marketing).
Now we can make them in labs. Diamonds, if you haven’t heard, aren’t nearly as valuable as they once were.
The same could be the case for gold.
What if gold went the way of diamonds? [Abnormal Returns] – “Nobody knows if large scale production of gold will eventually come online. Even if it does, it is years, if not decades, into the future. The point here is to think through the hypothetical impact of an abundant gold supply. For example, would gold still a be a store of value if it’s supply were dramatically increased? Would we find new and novel uses for a now abundant shiny metal?”
Hello Bitcoin.