The same house can sell for far more in New York City than in an Oklahoma cul-de-sac. It didn't change. The buyer's context did.
That simple example breaks the idea that value lives inside an asset. When people say an asset has "intrinsic value," they usually mean it has utility they recognize. Real estate provides shelter, gold has industrial uses, and a business can produce cash flow. None of those uses creates one objective value for every person in every place.
A discounted cash flow analysis doesn't uncover a permanent value hidden inside a stock. It estimates future cash flows under a set of assumptions. Change them, and the answer changes. The market can disagree anyway.
Every financial asset is a bet on future demand. Bitcoin is no exception. Its utility comes from an absolutely fixed supply, the ability to transfer value globally, and sovereign control through private keys without counterparty risk.
The useful question isn't whether bitcoin has intrinsic value. It's whether its utility fits the job you need an asset to do. Separate utility from market price, and you can compare bitcoin with stocks, gold, and real estate by the role each plays in your FIRE plan—not a label none can satisfy.
Read the full argument: https://firebtc.io/p/the-intrinsic-value-myth
npub1m6…ue2p9
2026-09-19 13:13:35 UTC
Author Public Key
npub1m6y9qq06c74trgs60ya320pgmhz6099grra5lw04akyuxvcz7lvq9ue2p9Published at
2026-09-19 13:13:35 UTCEvent JSON
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"content": "The same house can sell for far more in New York City than in an Oklahoma cul-de-sac. It didn't change. The buyer's context did.\n\nThat simple example breaks the idea that value lives inside an asset. When people say an asset has \"intrinsic value,\" they usually mean it has utility they recognize. Real estate provides shelter, gold has industrial uses, and a business can produce cash flow. None of those uses creates one objective value for every person in every place.\n\nA discounted cash flow analysis doesn't uncover a permanent value hidden inside a stock. It estimates future cash flows under a set of assumptions. Change them, and the answer changes. The market can disagree anyway.\n\nEvery financial asset is a bet on future demand. Bitcoin is no exception. Its utility comes from an absolutely fixed supply, the ability to transfer value globally, and sovereign control through private keys without counterparty risk.\n\nThe useful question isn't whether bitcoin has intrinsic value. It's whether its utility fits the job you need an asset to do. Separate utility from market price, and you can compare bitcoin with stocks, gold, and real estate by the role each plays in your FIRE plan—not a label none can satisfy.\n\nRead the full argument: https://firebtc.io/p/the-intrinsic-value-myth",
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