What You Should Know About Bitcoin Vs Gold

Trey Johnson 8/31/2017


Bitcoin, one of the world’s newest digital assets, is subjectively becoming more valuable, but it has no objective value.

         Libertarians and free market advocates have praised Bitcoin as the new gold to remove the government boot heel from the ordinary citizen’s throat, but that will not happen. The collapse of the Bitcoin market will only serve as a lesson against free market capitalism and lead to more financial regulation and government intervention. A horrific and ironic result of individuals attempting to eliminate government control of their lives.

         I use the term digital asset because Bitcoin is not a digital currency just like gold is not a physical currency. People trade their Bitcoin for the various fiat currencies in the world just like gold. When retailers receive cryptocurrencies, they cannot spend the assets directly on their electricity, rent, or taxes so they are not functioning as currencies. Cryptocurrencies are functioning exactly like assets.

         You can get an account with a stock broker that allows you to use the account as a checking account. The broker gives you whatever currency you need and later sells your assets. The same thing is happening right now with gold. Vaults are holding gold for individuals and selling portions in any currency to allow accounts to function like a normal checking account. Bitcoin is a digital asset.

         I keep bringing up gold because the element created through a star explosion actually has objective value. Gold is a metal, it doesn’t rust, it is malleable, and it is an excellent conductor of electricity. If you were to take gold to another planet, aliens would see it and know it has value. Now, if you take your Bitcoin to another planet, no one would understand what you have and it would be worthless. I would much rather travel the universe with gold than with Bitcoin, or USD for that matter.

         Assets and storages of value have competition just like Bitcoin has competition. The list of cryptocurrencies is over 690 and climbing. There is competition for Bitcoin and all crypto currencies. Which one is going to be the winner? To say Bitcoin will win is to say MySpace is the #1 social media site. It was true at one point in history, but it is not true today.

         Burger King just unveiled their new currency called the WhopperCoin. This digital currency is actually backed by something, a cheeseburger. One does not want their retirement savings in cheeseburgers just like they do not want their savings in something that is backed by nothing. Bitcoin is backed by nothing and the value it holds is what another person is willing to pay.

         Gold at one time was the #1 currency in the world, but that has since changed. Now it is the United States dollar, which is also backed by nothing. With the amount of USD printed by the US Federal Reserve, that fact will also become history. There will be a day when no one will want the United States dollar. There will also be a day when no one will want Bitcoin.

         The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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