"Terrible Store of Value" is a great piece of work if you're a collector of crypto art that sticks it to the man whilst providing a side order of utility. Formed out of repurposed credit cards and molded in the likeness of Jamie Dimon, who inspired the artwork's name, the piece is currently up for auction with a reference bid of $15,000. Naturally the auction can be paid in bitcoin and comes with a blockchain verifiable certificate of authenticity.
SoBs and Their SoV
While Jamie Dimon seems to have softened his stance towards bitcoin, the JP Morgan chief's most stinging jibes still resonate. The cryptocurrency, he famously opined, is "a terrible store of value". Given bitcoin's 65% decline in the last couple of weeks, the Wall Street CEO may have had a point, though that doesn't diminish the need for cryptocurrencies in any way – it simply suggests they may have more utility as a medium of exchange (MoE), just as they were originally intended.
Regardless of whether you ascribe to the SoV or MoE doctrine, as best exemplified by bitcoin core and bitcoin cash respectively, there's no disputing the quality of Cryptograffiti's latest work. The crypto artist, who's previously created work from Federal Reserve money bags and torn up T&Cs, has used a bank safety deposit box as the canvas for "Terrible Store of Value". A broken credit card mosaic in the likeness of Jamie Dimon completes the piece.
Should the winning bidder desire to add further value to their newly acquired art, they can elect to use it as a store of value by having a custom wallet address added to the side of the former safety deposit box. A certificate of authenticity is also included. Be it for ideological or aesthetic reasons, bitcoin maximalists may relish the prospect of hanging as pointed a piece as "Terrible Store of Value" in their crypto crib. Having to part with almost two bitcoins for the privilege, however, could prove to be a sticking point for purveyors of the world's finest decentralized cryptocurrency.