The crypto art “Terrible Store of Value” is formed out of repurposed credit cards and takes the features of JP Morgan’s Jamie Dimon, who inspired the title of the work as he was quoted saying Bitcoin is “a terrible store of value.” As of press time, it is up for auction with a reference bid of $15,000 – naturally, it can be paid in Bitcoin and the artwork itself even comes with a Blockchain-verifiable certificate of authenticity.
Store of Value vs. Medium of Exchange
Though the American business executive seems to have softened his stance against the cryptocurrency, his statements about Bitcoin and cryptocurrencies still resonate. His famous statement on cryptocurrencies may have had a point, considering the 65% decline in Bitcoin’s value. Still, it doesn’t seem to diminish the need for cryptocurrencies. Rather, it suggests that cryptocurrencies such as Bitcoin and Ethereum may have more utility as a medium of exchange or MoE just as originally intended.
Whether one sees cryptocurrencies as a Store of Value (SoV) or a MoE, the quality of Cryptograffiti’s work remains a great piece of art. Cryptograffiti has previously made some pieces using money bags from the Federal Reserve and torn up Terms and Conditions.
The winning bidder may use the artwork as a store of value by adding a custom wallet address to the side of the former safety deposit box. The winning bidder will also receive a certificate of authenticity. Bitcoin maximalists will also be able to hang the art piece in their homes.