Gold fans like Peter Schiff have beat the drum for years that gold has intrinsic value that Bitcoin does not. Let’s dig in to that claim. Before we start, I want to emphasize I do love gold — if Bitcoin didn’t exist, I’d own gold instead. So this isn’t personal, it’s just business; I simply think Bitcoin does everything gold does and
Wow, this is an outstanding perspective on what gold actually is. I always wondered what portion was really used for jewelry, and now I have a really good idea. I have said, "Bitcoin is better at being gold than gold is, in every way." I mean in terms of portability, fixed supply and in purchasing. Another one of my favorites, that I like to use on Twitter, is: "Have you seen the vig on buying and selling gold? Ridiculous."
People can say there is a fixed supply of gold, above the ground and below, but no one knows what it is. Additionally, if gold price goes up, more gold is mined. So different from Bitcoin.
I put half of all my money in gold and half of all my money in Bitcoin every month, only taking out what I need for rent / basic necessities in cash. I have no idea which one is going to "win." So I just do both.
One of them has "won" for over 6,000 years and in Venezuala recently, nobody ended up falling back on Bitcoin, they fell back on gold.
The other has been around for 10 years, but could be the "new gold."
Fuck if I know. Worst case scenario is I preserve half my wealth while the other half goes to zero. Best case scenario -- gold continues to maintain purchasing power as it has for thousands of years as the dollar falls and I have a bunch of cool coins and bars, and Bitcoin goes to like $100 million per coin lol.
Wow, this is an outstanding perspective on what gold actually is. I always wondered what portion was really used for jewelry, and now I have a really good idea. I have said, "Bitcoin is better at being gold than gold is, in every way." I mean in terms of portability, fixed supply and in purchasing. Another one of my favorites, that I like to use on Twitter, is: "Have you seen the vig on buying and selling gold? Ridiculous."
People can say there is a fixed supply of gold, above the ground and below, but no one knows what it is. Additionally, if gold price goes up, more gold is mined. So different from Bitcoin.
Peter, thanks for an outstanding article.
I put half of all my money in gold and half of all my money in Bitcoin every month, only taking out what I need for rent / basic necessities in cash. I have no idea which one is going to "win." So I just do both.
One of them has "won" for over 6,000 years and in Venezuala recently, nobody ended up falling back on Bitcoin, they fell back on gold.
The other has been around for 10 years, but could be the "new gold."
Fuck if I know. Worst case scenario is I preserve half my wealth while the other half goes to zero. Best case scenario -- gold continues to maintain purchasing power as it has for thousands of years as the dollar falls and I have a bunch of cool coins and bars, and Bitcoin goes to like $100 million per coin lol.