Bitcoin has been sky rocketing, while Gold is up 0.5%, even with the 20% dip Bitcoin took! And we were still up over 100% with that dip caused by the 5000BTC BitMex sell order.
We are definitely seeing that sentiment move. I watched the Barry Silbert interview on Bloomberg about how investors are shifting their mind frame into Bitcoin, and he said the following:
"Gold has history and cultural significance, it lacks in utility and usefulness. Bitcoin, as a financial rail is a way to move money around the world as a financial system. It has the potential to have tremendous value from an intrinsic perspective."
"Gold is used in jewellery, electronics and it's down 30% over the past nine years. So while smart phones sales are going up, computer sales are going up, it's really only use and utility is going down. In fact, the more expensive Gold gets, the less useful it is because they substitute it out for something else".
"So basically if you're buying Gold, you're betting on the central banks, which is weird because Gold bugs think the central banks are idiots and don’t know monetary physical policy. So there's a real disconnect between betting on the bankers doing the right thing, yet they're the ones who are buying Gold right now."
So we can see there's a generational shift in the way that people are thinking about Gold. We are living in a time where kids are basically being born with smart phones, nobody is touching Fiat, nobody's touching physical Gold. People are using ApplePay and other Apps using their smart phones, you don't even need cash anymore as there are Apps for literally every single shop!
We are in such a digital space, that when you just look at this old concept of holding clunky actual physical Gold, it just doesn’t make sense anymore.
Thanks for reading, I would appreciate an upvote IF you agree with me. It's a grind getting this blog out there :-)
DISCLAIMER: This post is not financial advice. This is just my opinions. I am not responsible for any investment decisions you make.
I have also not plagiarised any content, it is all my own unless I use quotes.
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