FED Chairmain compares Bitcoin to Gold - page 3.

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I dont see Bitcoin as digital gold because we can already trade gold as a digital asset if we want, the problem gold will always have is its a physical asset and when you trade or own it you rely on security of a bank or vault to keep it for you. That gold then is a trusted token with a centrally controlled ledger.
Gold can be seized where as Bitcoin has no physical problem with security like that and its alot faster and tons cheaper to quickly transmit value. BTC should be used often, gold is often stored and not moved for decades.

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This one. I mean FED admittedly that bitcoin is comparable to gold as a store of value is huge.

BTC is an asset and gold is also and people can speculate on either, I dont take it as a great statement. But sure on the face of it, he said the magic words and didnt spit on the ground as he said Bitcoin Grin

Tungsten-1

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Quote from: justdimin on July 17, 2019, 10:55:54 AM

Bitcoin is quite literally the digital gold if you ask me so the comparison is on point. The people that see this as bad because it is the FED Chairman that said it and we do not like him is pure idiots, he could be the FED Chairman and he could be the reason for many financial problems of the world however the reality is that even if someone you dislike says something good for bitcoin that is still a positive because it creates a wave affect among the followers of that bad person.

Think of a political party you hate and the leader supporting bitcoin all of a sudden, even that is good because it means he is promoting bitcoin to his own followers and that makes a bigger audience for bitcoin. I think this is a good step forward for all bitcoiners and I think we are on path to big things soon.

Bitcoin is pretty much a digital gold but I think that can save your value for long term and is in fact deflationary in nature due to the limited supply of the coin. There are far more great traits in Bitcoin that are not present in gold and that can make Bitcoin superior over gold. For example Bitcoin allows to make a one million dollar transfer from your city to let’s say Chicago instantly. It is something that goes with the modern world unlike gold.

Coyster

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I do not think this calls for any sort of celebration as be only openly stated the obvious, we all know what bitcoin offers and it's potentials.
It has many features with gold, even though gold is actually a higher store of value than it at the moment, but talking about a network barely 15 years old, then the comparison is actually a big plus for the bitcoin.

I do not think this government officials can really have good intentions towards the bitcoin or cryptocurrencies, I actually ignore all their reviews, be it positive or negative.

webtricks

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Quote from: pereira4 on July 14, 2019, 10:25:05 PM

I was surprised that I didn't see much coverage on this. This is pretty big, the guy running the FED at least officially basically knows what's up: That Bitcoin is being used a a store of value/speculation, and that it's competition for gold.

https://www.youtube.com/watch?time_continue=1&v=jBUlXryF2WI

He also admitted that US as world reserve currency may not last forever...

And do you think he meant that in positive way? The same chairman slammed Libra coin in the very speech.
He was just stressing on the idea that Bitcoin and other cryptocurrencies cannot be considered as currencies. They are more sort of an investment. Everyone is open to intercept words in his/her own sense but to me, he sounds more like an contrarian of Bitcoin. What else could be expect from an old conventional bureaucrat.

justdimin

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Bitcoin is quite literally the digital gold if you ask me so the comparison is on point. The people that see this as bad because it is the FED Chairman that said it and we do not like him is pure idiots, he could be the FED Chairman and he could be the reason for many financial problems of the world however the reality is that even if someone you dislike says something good for bitcoin that is still a positive because it creates a wave affect among the followers of that bad person.

Think of a political party you hate and the leader supporting bitcoin all of a sudden, even that is good because it means he is promoting bitcoin to his own followers and that makes a bigger audience for bitcoin. I think this is a good step forward for all bitcoiners and I think we are on path to big things soon.

yohananaomi

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it is clear that there is a difference between gold and bitcoin, although it is indeed the same for investment, the price is clearly the most profitable bitcoin and very easy storage. the influence of the voices of world leaders will obviously be affected for bitcoin but will it continue, I doubt that it continues. still bitcoin will not be affected later.

Maslate

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We heard from different people, but if we are a believer of crypto especially bitcoin, we will take good comments but with disagree on bad comments, but in this world, the more influential people has the say, like Trump saying against bitcoin has shaken the market now.

jseverson

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Quote from: Jating on July 16, 2019, 03:16:20 AM

I'm sure that goldbugs will resent Powell statement comparing gold to bitcoin, but him seeing the potential as it is, is some kind of assurance that even US is looking at bitcoin and it's potential to be used as a hedge.

Lol is this really a thing? I know that there are a couple of people who advocate dropping gold for Bitcoin, but are there also camps who think the other way around? I haven't really seen any, but that might be because I'm following the wrong circles.

Quote from: TheCoinGrabber on July 16, 2019, 12:04:22 PM

Quote from: jseverson on July 15, 2019, 10:55:59 PM

-snip-

If they'd even allow that.

Well they've been allowing it thus far, albeit in a controlled environment. We'll see though I suppose.

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Quote from: TheCoinGrabber on July 16, 2019, 12:04:22 PM

Now I'm worried. They wouldn't just release a statement like this in public. Maybe, just maybe the FED is also already stockpiling Bitcoins and other crypto?

Call me a bit wonky but what if they've already bought enough and just releasing this statement to raise the price and then crash it by dumping?

Quote from: jseverson on July 15, 2019, 10:55:59 PM

He actually did acknowledge that Bitcoin could be used as currency, except it's not very widespread. That's probably why they're not that against Bitcoin in the first place -- it's less of a threat to the USD when its main use is as an investment vehicle. I could see them singing a different tune once Bitcoin's use as a currency gains traction.

If they'd even allow that.

Possible!

I agree that saying up these things publicly do have significant meaning behind it.They wont announce something which isnt beneficial to them.
They might or might not accumulating bitcoins,its none of our scope to know such things.They can say things all they want but as a bitcoin or crypto enthusiast
be ready on how the market would move out in near future years to come.

TheCoinGrabber

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Now I'm worried. They wouldn't just release a statement like this in public. Maybe, just maybe the FED is also already stockpiling Bitcoins and other crypto?

Call me a bit wonky but what if they've already bought enough and just releasing this statement to raise the price and then crash it by dumping?

Quote from: jseverson on July 15, 2019, 10:55:59 PM

He actually did acknowledge that Bitcoin could be used as currency, except it's not very widespread. That's probably why they're not that against Bitcoin in the first place -- it's less of a threat to the USD when its main use is as an investment vehicle. I could see them singing a different tune once Bitcoin's use as a currency gains traction.

If they'd even allow that.

audaciousbeing

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Quote from: pereira4 on July 14, 2019, 10:25:05 PM

I was surprised that I didn't see much coverage on this. This is pretty big, the guy running the FED at least officially basically knows what's up: That Bitcoin is being used a a store of value/speculation, and that it's competition for gold.

https://www.youtube.com/watch?time_continue=1&v=jBUlXryF2WI

He also admitted that US as world reserve currency may not last forever...

Comparing bitcoin to whatever does not really mean much if the person making such comparison does not hold any power by virtue of his position or personality to influence things in the crypto world. People can make suggestions or even make opinion concerning certain things its just because they want to be current and be aware of the changes happening in their environment which does not change anything. It only points to the direction that bitcoin in itself is being noticed by the people that matter in the financial world.

Jating

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Quote from: jseverson on July 15, 2019, 10:55:59 PM

Quote from: Periodik on July 15, 2019, 09:33:45 PM

I don't think it is proper to compare Bitcoin with Gold. The FED chairman just appeared uninformed or even totally ignorant about Bitcoin when he did that. Bitcoin could be compared to US dollar. That would be a better comparison because both are currencies, the other fiat, the other digital or cryptocurrency. But gold? Bitcoin, in the first place, is not something that is just hidden for no other sake but value appreciation. Bitcoin is meant to be spent as a money.

He actually did acknowledge that Bitcoin could be used as currency, except it's not very widespread. That's probably why they're not that against Bitcoin in the first place -- it's less of a threat to the USD when its main use is as an investment vehicle. I could see them singing a different tune once Bitcoin's use as a currency gains traction.

But it may take sometime though, I mean as much as we wanted to see global adoption, it might take some time. But yeah, definitely, there's nothing wrong with what chairman Powell is saying here.

He didn't say something that we can take it negatively, and we all know for a fact that bitcoin is a relatively safe store of value as compare to gold. I'm sure that goldbugs will resent Powell statement comparing gold to bitcoin, but him seeing the potential as it is, is some kind of assurance that even US is looking at bitcoin and it's potential to be used as a hedge.

FanEagle

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I think the biggest thing coming out of this is not the thing about bitcoin but realizing that USA reserves will not last forever. They know that their reserves are getting emptier by the day and they have a lot of debt and even though they are making money and paying that debt the time for putting aside for reserves is over now and all their money is spent on paying the debts they have.

It can not be sustainable because in the end they will have more debt than money they have and eventually they will have to print some more money to pay those debts which will make dollar devalue again. Now you may think why that is more important to us than saying bitcoin is like gold?

Well, because if they realize the simple fact that they can have bitcoin reserves as well then they will as a whole nation start saving some aside which would make bitcoin price go up.

jseverson

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Quote from: Periodik on July 15, 2019, 09:33:45 PM

I don't think it is proper to compare Bitcoin with Gold. The FED chairman just appeared uninformed or even totally ignorant about Bitcoin when he did that. Bitcoin could be compared to US dollar. That would be a better comparison because both are currencies, the other fiat, the other digital or cryptocurrency. But gold? Bitcoin, in the first place, is not something that is just hidden for no other sake but value appreciation. Bitcoin is meant to be spent as a money.

He actually did acknowledge that Bitcoin could be used as currency, except it's not very widespread. That's probably why they're not that against Bitcoin in the first place -- it's less of a threat to the USD when its main use is as an investment vehicle. I could see them singing a different tune once Bitcoin's use as a currency gains traction.

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Bitcoin with gold makes sense when we validate the growth between the two. In some countries bitcoin is added to the list of gold for the taxation purpose. This way gold is being made as a multiple purpose usage asset. What FED chairman has states is about the bitcoin's speculative market, and the future role of getting more stability as gold when the adoption rate peaks high.

Periodik

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I don't think it is proper to compare Bitcoin with Gold. The FED chairman just appeared uninformed or even totally ignorant about Bitcoin when he did that. Bitcoin could be compared to US dollar. That would be a better comparison because both are currencies, the other fiat, the other digital or cryptocurrency. But gold? Bitcoin, in the first place, is not something that is just hidden for no other sake but value appreciation. Bitcoin is meant to be spent as a money.

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Quote from: pereira4 on July 14, 2019, 10:25:05 PM

I was surprised that I didn't see much coverage on this. This is pretty big, the guy running the FED at least officially basically knows what's up: That Bitcoin is being used a a store of value/speculation, and that it's competition for gold.

https://www.youtube.com/watch?time_continue=1&v=jBUlXryF2WI

He also admitted that US as world reserve currency may not last forever...

This maybe the reason why US President made a statement about cryptocurrency which shock the whole world of cryptomarket. This is indeed a good coverage and yet no one is talking because as we all know the cheaper price is the advantage for the whales to make profit and they will do it for themselves. Bitcoin because a store of value because of its rising price, and I can say its better than gold and its easy to own bitcoin than gold.

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Quote from: DENNB on July 15, 2019, 09:12:18 AM

I think that gold could lose its value in the next decades, because there are already plans and ideas to mine valuable resources like gold and platinum on asteroids.

I think you mis understood the precious metal pundits. What they are seeing is that some kind of asteroids will be coming to earth with huge chunk of gold in it. But that is not they're strategy per se,. Do they really need to go out there and mine them? Or are they just going to wait that something big hitting earth?

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Quote from: DENNB on July 15, 2019, 09:12:18 AM

I think that gold could lose its value in the next decades, because there are already plans and ideas to mine valuable resources like gold and platinum on asteroids.

On asteroids? Cheesy

Anyway, the point was not really about the value of gold or Bitcoin in the future but rather as how Bitcoin is compared to gold. The store of value story, or a saving account to make it short.
Someone above was comparing the gold market with real estate, it's a horrible comparison, both aren't even comparable in any way.

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I think that gold could lose its value in the next decades, because there are already plans and ideas to mine valuable resources like gold and platinum on asteroids.

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