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Many bitcoiners are butt hurt to see gold going parabolic. Zoom out, bitcoin has performed exceptionally well so far this decade and will continue to do so. Gold is having its day because governments are falling back to what they know as the dollar reserve system comes into question. China is setting up a parallel settlement network using gold and it's using gold because it's been reliable for millennia and, more importantly, has the liquidity profile to settle the size they need to settle if they're going to compete with treasuries. This does not change the fact that bitcoin is superior in every way to gold. It's a harder money that's more easily divisible, easier to send, easier to verify and easier to custody. Bitcoin still has many trillions of dollars of market cap to add before it can compete with gold from a liquidity perspective. I am more optimistic than ever that bitcoin will reach this point because more people are learning these facts every day and the infrastructure around the protocol is advancing at a faster pace than I've ever seen. Square's release this week is the latest example of this. 4,000,000 merchants across the United States are currently being forced to ask the question, "Should I accept and hold bitcoin?" How many do you think will take the plunge? Zoom out. image

Replies (31)

So true! Golds market cap growing so much over the last couple years just reminds us all that the world is moving toward neutral, global, reserve assets. Of course all of the sovereigns and baby boomers are going to store a majority of their wealth in the asset thats way larger and been around way longer. But over the next 10-20 years these Boomers will cycle out as the younger Gen X’s and Millennials begin to retire with all their acquired wealth. We will still, obviously, be hoarding most of our wealth in global, reserve assets. But it will be a lot heavier allocation into BTC. Millennials arent going to be hoarding and securing physical gold bars and handing them off to our kids! Fuck outta here! We will be transferring our self custodial keys or setting up customized, family, multisig funds to pass on our generational wealth! I’m not knocking on Boomers either, many of them are coming around! They are admitting that it’s now at this point, more risky to have 0% in BTC than to have at least a small allocation to it. It’s also smart to not put all your eggs into an asset that’s not even 20 years old when you’re already in your 60’s and hopefully enjoying retirement. View quoted note β†’
Yeah I needed to hear that man. It feels like my conviction in this thing is being tested yet again. Your explanation is logical & IMO likely. BRICS are clearly betting on gold. In the 19th century China, India, Mexico & Latin America bet on silver. They learned very painfully to always choose gold. But that wasn't the lesson.
Sound words. Gold has been a media β€œFear trade” for decades. Bitcoin has been a media β€œSpeculative asset” at least since it was initially accepted by Wall St in 2021. Both of those media labels are breaking down now. But it’s fitting that Gold/Silver breaks-up first. It has generations of head-start. That’s SO important to understand. And YES, it is absolutely going to suck the wind out of the sails of Bitcoin, which is what is happening. But it’ll be short, and (hopefully) globally-dramatic I suspect. Like experiencing the β€œbig artillery” bash at the walled-gates of a bastion - before the living army swarms in to capture it piece by piece in slow but very Real-time.
Accept the lesson: For Bitcoin, Store of Value hinges on becoming Medium of Exchange, without it gold has broader appeal. Therefore, we must make a special effort to make the Medium of Exchange usecase real. It is #Bitcoin's true strength – once we stabilise volatility. That's the mission of Bitcredit Protocol.