One of the laziest arguments used against bitcoin: "It has no intrinsic value!" This critique misunderstands what Ben Graham meant by "intrinsic value" and incorrectly assumes it only applies where cash flows can be found. Graham defined intrinsic value as the value justified by the facts and prospects of an asset. In plain terms: once the market fully understands an asset, what will it be worth in the future, and how much purchasing power will it afford me? Cash flows are one way to estimate that for a business. Gold has answered the same questions for 5,000 years without producing a dime of cash flow. Bitcoin's price has always been structurally disconnected from its intrinsic value for a simple reason. Well under 1% of the world deeply understands its monetary properties. The majority of people who have heard of bitcoin don't even know there will only ever be 21 million. Markets can only price what participants understand. At ~50% off the highs, bitcoin trades at ~4% of gold, an asset it improves upon in every monetary dimension. That gap is education, and every price drawdown in bitcoin's history has minted the next class of students who close it. As education spreads, adoption follows, and price converges toward the value of the best savings technology ever created.

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So lemme get this straight. @chamath backed DCG's first round in 2015, swapping his ~$100 bitcoin for DCG equity when it was only up ~3x. DCG has done a ~10x since, generously. Bitcoin did ~280x. Now he says it’s “capped” and eventually goes to zero. Cope harder.