Does Bitcoin fit Aristotle’s definition of “Good Money”?
Recently, the Old Mutual Gold & Silver Fund announced that they will invest in Bitcoin.. Here’s Keiser’s comment: “You’re a little late to the party!”
Old Ned Naylor-Leyland, head of the Mutual Gold & Silver fund, was cautious about buying Bitcoin. The fund, which uses most of its investments in precious metals, stated in its latest statement that it has decided to invest 5% of its portfolio in Bitcoin.
Speaking in the last episode of The Keiser Report;
Ned should have listened to my advice before Bitcoin’s price went up that high. We talked to him many times about Bitcoin.. Always reluctant and hesitant. He did not accept that Bitcoin is valuable like gold. Now, Ned says that Bitcoin is designed like gold and they will invest. “Crypto funds are now replacing gold funds. Ned is just realizing this, and every other investor will notice it too.. I guarantee it will happen.”
Bitcoin is like Musa..
Known for his lively and charismatic humor, Keiser believes that Bitcoin will displace gold on Wall Street and talks about the short selling and manipulation currently taking place on Wall Street; “Bitcoin is helping gold by breaking the mold of short selling and financial manipulations on Wall Street.” Keiser believes this could cause a rise in gold prices;
We will destroy anything that lowers the price of gold. Like Moses parting a sea of Bitcoin derivatives markets. Thanks to Bitcoin, the price of gold will reach two or three thousand dollars per ounce.
Bitcoin Meets Aristotle’s Definition of “Good Money”
Bloomberg Quoted by Naylor Leyland, “Bitcoin is leading the world to hard money.” discourse; led Keiser to Aristotle’s definition of money. Greek philosopher says money must meet four criteria. Money must be durable, movable, divisible and have intrinsic value.. Keiser believes that Bitcoin, like gold, has these characteristics:
The state of scarcity is one that people are uncomfortable with.. People don’t understand how a digital asset can be scarce. This is where human intelligence comes into play.. Bitcoin is the first protocol in history where digital scarcity can be achieved and all the features of money are collected.