- This topic has 12 replies, 2 voices, and was last updated 5 months, 3 weeks ago by Much-Weekend-8882.
- Friday, June 17th, 2022 at 09:11 #310298chance_watersParticipant
Leaving aside the innumerable aspects of BTC that make it superior to gold as a useful store of value, and ignoring dumb arguments about the ‘physical utility’ of gold (the market cap vastly dwarfs any genuine value derived from it’s commercial utility), the bottom line is right now at current prices BTC is only 1/30th the market cap of gold.
Right now BTC is barely a higher market cap than Palladium, the crypto YouTuber alt coin equivalent of physical gold.
BTC is sitting at that price against the backdrop of the greatest period of economic uncertainty in modern history. It’s achieved that price without an ETF, without the vast majority of traditional funds (retirement etc.) being able to even buy a piece of the pie. It’s achieved that price despite broadly spread negative narratives, the looming threat of regulation, active global governmental attacks, and the lowest average point on the fear and greed index I’ve ever seen. If BTC even managed to claw itself to 1/10th the value of gold, you would be looking at an investment ROI of 3x.
Anybody who is truly fearful for even the midterm future of BTC with those numbers in mind has, in my view, completely lost perspective of how much of a genuine improvement BTC is over gold on a fundamentals level. People talk about the environmental cost of securing the blockchain, but gold is a literal metal we have to rip out of the earth, transport around the world, and fucking store in a physical space. Despite that it’s scarcity and universal recognition as a store of value has made it the single largest asset on earth.
Put on your slippers guys, if you don’t see this as just another in a long line of temporary fire sales on BTC then I don’t know what to tell you.Friday, June 17th, 2022 at 09:15 #310299Socialinfluencing
People that make the physical argument forget that for everyday practical use, transferring large quantities of gold fast is not possible, at least not to the same degree as with Btc. This notion that Btc has no value is so fucking ridiculous at this point. Come next bull run, I’ll be ready and not wish I prepared like 90% of people in hindsight.Friday, June 17th, 2022 at 09:17 #310310Much-Weekend-8882
UNTIL humans found gold it was worth zero for billion years . Now think if aliens discover bitcoin and realize in all of infinite universe there is only 21 million bitcoin? The human with 0.0001 bitcoin will have his own universe , forget about Lamborghini small potatoes. Aliens have not discovered perfect money yet just imagine and HODL that sweet Satoshi kingFriday, June 17th, 2022 at 09:20 #310301StandardCell9963
I knew it could get to this and I still decided to invest in Bitcoin. I’m HODLING!Friday, June 17th, 2022 at 09:20 #310309erchnik
It’s fascinating to see the mental energy wasted trying to justify a nonexistent digital currency that hasn’t even seen meaningful adoption.
It was a giant pump, isn’t it clear to see? They used it as a backdoor to transfer trillions in stimulus money from retail to the controlling powers.
Anyone can make a crypto currency and the moment people stop believing in it, the jig is up. At least gold is actually scarce and has physical properties that give it intrinsic value.
Most people are already underwater in their BTC.Friday, June 17th, 2022 at 09:21 #310300Ferdo306
Plus I feel gold is undervalued too
We had biggest monetary expansion in history and gold is up like 20%
Gold should have at least 20t mcap and BTC at least 2t mcap imo
Too bad that the world doesn’t agree with meFriday, June 17th, 2022 at 09:21 #310302shtoshi
Nice dose of HopiumFriday, June 17th, 2022 at 09:23 #310303Castr0-
One is real gold other is digital gold.
We should just give time to digital one mature.Friday, June 17th, 2022 at 09:27 #310304MDot_Cartier
They are both stores of value but very different circumstantially. In uncertain times…gold is certain. While Bitcoin does well in good times. Very different assets, and not worth comparing imo.
But it is worth noting that right now central and commercial banks are buying up gold heavily and it’s worth having some in your portfolio. Silver is also on sale ATM at $21, severely undervalued given it’s uses. Literally hundreds upon hundreds of uses besides bullion. NFAFriday, June 17th, 2022 at 09:27 #310305pyritejet
Don’t you mean that the current market cap of gold is greater than the market cap of BTC?Friday, June 17th, 2022 at 09:27 #310306Shaz170
Tl;dr buying bitcoin is a damn good move and writing it off or worrying too much about current price, considering the state of world finance, is a bad move.
In my view this is a great time for people who missed the huge rises years back to stock up.Friday, June 17th, 2022 at 09:30 #310307Wish_I_Was_Better1
Personally I disagree with some aspects of this post. Mainly the underlying attitude that just because something is clearly better. It must and will become dominant. That isn’t true in the real world. The best things don’t happen. It would be ideal if we lived in a world where good things happen but in reality we live in a cruel world filled with oppression and corruption. I choose to believe that bitcoin will become the dominant asset class. Not because of logic. But because of hope.
I hope for a better world. Money is the route of all evil. But bitcoin has never been considered money. So maybe money based on bullshit is the route of all evil. And bitcoin maybe. Might just save us. Or atleast make things a little less shit.
I’m not even in this to get rich. I’ll buy bitcoin and use bitcoin where ever I can, whenever I can. For the same reasons most vegans don’t eat meat… I hate contributing to something I hate with every atom of my existence. BTC is king. Regardless of price. Its value will always remain.Friday, June 17th, 2022 at 09:36 #310308frstrtd_ndrd_dvlpr
Performance-wise BTC is leaps and bound beyond gold, but gold has been the store of value for decades now. Personally I’m in BTC myself because my career is in the tech world, and I’m hopeful it can make me rich someday somehow.
- You must be logged in to reply to this topic.
Related Forum Topics:
- → People often use Gold’s market cap as a benchmark for their BTC price targets. How much of Gold’s market cap is from its use purely as a monetary asset?
- → Gold Market Cap = 11T. BTC = 0.8T. If BTC replaces Gold, 1 BTC = $400K.
- → For SHIB to hit $1, as some of you believe is possible, it would have to have a market cap of $549.1 Trillion. That is over 10X the market cap of all FIAT in existence. That means if all FIAT in the world was converted to SHIB, it still would only have a market price of approximately 10 cents.