Money is whatever people say it is. Could be shells, beads, gold coins, tulips, or crypto, but then you have to be sure that people are going to agree about it tomorrow, and the tomorrow after that.

With gold there’s a pretty reasonable track record: several thousand years. The US greenback a hundred or two, depending on how you count and the strongest economy in the world to back it. That said, a nuke over Manhattan could put a hurt on it for a while.

Crypto exists in the minds of those who believe it, and that’s fine = but then so did tulips and shells and beads, and mostly that stuff doesn’t carry much weight anymore. If there’s a “run on the bank” as we have seen in the past, crypto could evaporate in a cloud of smoke, unlike gold (diamonds, etc.)

Maybe it won’t, and that’s fine for the believers. I find no reason to be a believer, however. My cash is fine, it works everywhere I want it to, and I’m not worried about some hacker finding a key into my wallet and absconding with my life savings.

In my mind, crypto is the new “it girl”, and given how trends can come and go, I’ll stick with mama.

Berkshire Hathaway FAQ

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