Peter is wrong on a few levels, but also right about 2 times on the clock. His problem is he schills / schiffs it because it's his lively hood. However with that being said, I have studied gold for about 10 years.. gold is suppressed.. and it's suppressed for a reason.
The comex/banks have re-hypothecated gold. It could be 100x more valuable if you have it in hand.. but we see a price on the comex and believe that is the price. Perhaps Bitcoin's advantage is that there is a fixed supply that can be tracked. Gold can be Tungsten, or just paper!
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Great points and I agree. Hence why bitcoin matters... (among other reasons)
Gold also matters. It should never be one is better than the other. Firm believer in diversification. You need to have gold accessible and part of your portfolio.
Unfortunately a large chunk of bitcoin's growth is likely going to come at the expense of gold. Those holding gold will eventually move some of that into bitcoin, and thus bitcoin grows at the expense of gold. It's the low hanging fruit for bitcoin.
Well I'll tell you this.. I ain't walking to the jeweller and cashing any of the hard stuff. Yes I agree the SPECULATORS will hurt the comex price; but when it comes to delivery from a COMEX contract.. HAHAHA that's the fire works.
Gold works a lot slower.. Bitcoin is hyper fast and volatile. If Bitcoin get's too high in the eyes of those who are keeping gold's price low.. well.. it's something to consider.
The thing with gold has always been that when the price goes up, miners ramp up production. So there is a supply increase any time gold goes up. Not to mention there is asteroid mining etc that is going to start becoming a thing in the coming decade. I saw report out of NASA where they were offering incentives to companies willing to mine asteroids, the moon, etc over the coming years... All things that are going to impact the price. Not to mention how much easier it is to counterfeit gold compared with bitcoin. That's a major concern for anyone buying gold. Tungsten coated with a thin layer of gold feels and looks an awful like the real thing...
Of course the bullion banks play games.. old news. Mining an asteroid will cost billions of dollars.. cost vs reward.
Now what I keep telling you is the amount of unearthed gold compared to what is traded DAILY COMEX is completely fabricated. Banks borrow gold from each other 100 vs 1 . I said re-hypothecation for a reason. It's real. Now bitcoin does not have re-hypothecation (yet). In fact, anyone hoping for 25K Bitcoin or 100K Bitcoin or 1 Million K bitcoin has a lot more worrying to do. You think broke governments won't get all up in there? Of course they will.
Why did governments get RID of the gold standard to begin with.. (they didn't have enough of it). You think they have enough of it now? Or is it easier to control with manipulation. I do not think we are going back onto a gold standard.. in fact the future is digital (assuming we don't EMP ourselves).
Gold is here to stay..
Bitcoin is still a baby..
Both are speculative assets and have positives and negatives to them both. Bitcoin is just so young; you haven't seen the negatives yet.
I know that gold is being suppressed, but what is going to change that? It's been the case for several decades now with no end in sight. It's the reason I mostly abandoned precious metals investing long ago. Though I do still old some physical.
Regarding space mining...
It gets much cheaper when NASA says they will subsidize it:
https://www.washingtonpost.com/technology/2020/09/10/moon-mining-nasa-search/
In my opinion the only way bitcoin doesn't succeed in becoming massively valuable and eating a big part of everyone's lunch (especially gold's) is if every large country got together and banned it outright. It be a big undertaking and would take a coordinated effort but it could, in theory, be done. Barring that from happening it's from the lower left to the upper right for bitcoin as far as I'm concerned.