We can argue all day whether BitCoin meets the generally-established criteria for money, but ultimately the market will decide.
Money today, trash tomorrow -- or still money?
Ping to OP
I believe the perceived value of bitcoin is the hoped for but not fully realized portability (theoretically you can access your money anywhere in the world though I don’t think its fully convertible yet) and more importantly, privacy.
The ability to transact business in private is its value, and governments will do all they can to squeeze that out of it. If they do, if bitcoin transactions are not private, then I don’t see how it can remain a thing of value or even interest.
There is no freedom without financial privacy, and I think people are beginning to perceive this. In fact, your personal security requires that you keep the amount and distribution of your finances private and yet governments are pushing to make this kind of privacy criminal.
Hence the desire for something like bitcoin.
He could be talking about bitcoin except he's an old fart and doesn't realize it. Bitcoins are more durable than most digital artifacts. They certainly are finite and very precisely defined to be difficult to mine, unlike gold which is sometimes discovered in haphazard quantities. The allure of bitcoin is fairly obvious, they would not be collected otherwise.
I like bitcoins for their transportability and global reach. locally, I like btc to gold for long term storage, if fear of societal collapse is on your mind
of course, as bitcoins grow, the marketcap will grow from the $10b it’s at today to over $1 trillion easy... that’s 100x it’s current value. yes, I’m saying a single bitcoin could easily be worth $100,000.
if that came to pass, and since a bitcoin can be divided down to 8 decimal places, a single bit-cent would be worth $0.001
(I know thats not the name, but I’m unsure if satoshi is the name of 0.00000001 bitcoins)