[caf]

The intrinsic value of gold is quite a bit less than its market value, though - it's very hard to separate that from the "historically desired" aspect.

If you want intrinsic value, you're probably better off investing in good quality rifles.

[jarek]

Well, of course. But bitcoin doesn't have even that.

Though I would suggest that you would have to time your entry into the quality rifle investment market well to avoid getting hit by a speculative markup caused by people's expectations of their future intrinsic value.