We all make assumptions. I'm curious which of my assumptions are correct.

I don't come from an affluent background. I grew up in a blue collar family. My father was born in what I can only describe as poverty. He was the youngest in his family and was born in the single room log cabin. He never finished high school. I say that to explain that there are many assumptions I used to make due to this background. When I was in college and was learning about economics and finance I always assumed that the gold bugs had all their gold in a safe. Fast forward to when I really started digging into bitcoin. I would hear all these gold bugs like Peter Schiff talking about how bitcoin isn't based on anything. How its just computer digits. Peter's arguments make sense if you don't understand bitcoin or even how value/scarcity work. But when I would hear him talk I was listening with a huge assumption.

When I realized how most people that say they own gold or invest in gold mean they buy gold ETFs or at best have their gold in some custodial service I was kinda floored. When I started hearing all the problems associated with gold custody and learned about order 6102 it made me smirk. MANY of these gold bugs are posers. They are empty suits. Sure, there are people that value sovereignty and hold a fair amount of gold in their hands but I actually thought that was what all of them were doing. Much of their talk about gold as a secure investment is based on paper. On trust. Then my views on the functional value of bitcoin increased. The fact that I can have custody of my money without trusting some 3rd party. The fact that there are many ways to handle security that do not involve trust. It just made me realize once again to not make assumptions.

Many men in suits sound smart. My blue collar background and my father's influence has led to me being very skeptical of people like this. I'm far more skeptical than my father though. I think I just have a bit more curiosity in me. Over the years I have seen so many people of status and supposed intelligence be proven fools. More often that that they are proven liars. It kinda brings me joy. If I'm honest, it is one of my favorite things about bitcoin. It exposes the truth in people. They more arrogant they are the more likely they will be humbled. Its beautiful. But still, I need to seek humility for bitcoin will also humble me. If I get arrogant about its purchasing power. If I get reckless with how I handle it. I will pay for this. We all will.

I'm here to learn. Are my assumptions about gold bugs still wrong? Do you know if the average gold bug actually has custody or do they own paper receipts for gold?