/biz/ - Business & Finance

>>19845352
Precious metal cannot function as a medium of exchange in a modern society.
Most transaction does not take place "face to face", so you can't pay with physical items of any sort, it would be slow and cumbersome to mail phyiscal gold in order to purchase some items on Amazon etc.

..so gold is not money, because it cannot function as money. It is a store of value, but anything that doesn't decay over time is a store of value, land, metals, art, etc.

Crypto can be used as a medium of exchange, crypto can be moved around a lot faster than gold, you don't have to be face to face to use it as payment, and you don't have to rely on a third person to facilitate the transaction.
It is also a store of value, and has an implied scarcity as gold.
Peter is a demented boomer that is stuck in the pre-internet era.