The New CS Board

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'Few assets have been more fragile than bitcoin' - Taleb : https://www.kitco.com/news/2021-07-13/-Few-assets-have-been-more-fragile-than-bitcoin-Taleb.html

Excerpts:
Gold is tangible and physical, which partly sustains its value, but bitcoin has a "path dependence problem."

"We cannot expect a book entry on a ledger that requires active maintenance by interested and incentivized people to keep its physical presence, a condition for monetary value, for any period of time — and of course we are not sure of the interests, mindsets, and preferences of future generations. Once bitcoin drops below a certain threshold, it may hit an absorbing barrier and stays at 0 — gold on the other hand is not path dependent in its physical properties."

Precious metals also have 1,000 of years of tradition to fall back on.

"Few assets in financial history have been more fragile than bitcoin," writes Taleb. "[Bitcoin] can be neither a short nor long term store of value (its expected value is no higher than 0), cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a safe haven for one’s investments, a shield against government tyranny, or a tail protection vehicle for catastrophic episodes."