Topic: FED Chairmain compares Bitcoin to Gold (Read 842 times)

Well, bitcoin - as long as it remains online - is no different from video game points, so it doesn't make sense for it to be taxed. It will be if and when it is converted into fiat money, and indeed the rulers are studying the system to succeed.
But for the moment, with a little care, you can still rest easy and the FED can co to hell...

No one will ever declare that and USA government will make everything they can to prevent that happen. Value of USD will get find on market through demand and supply.

This comparison is less clear and also valid because if it is logically and also the basis between gold and bitcoin is different. the mechanism and system of work are far different. maybe in terms of investment this is a point that becomes a reference why many people compare a lot between gold and bitcoin

Press is not always FUD on bitcoin, it has been known that during the 2017 peak that it was seen as the new gold rush and news always gave good reviews about it, however when it started to go down they of course decided to run with "bitcoin is dead" mindset once again, that is not a good thing for us because we were losing a lot of money on bitcoin already and they convinced more people to sell as well which made it go down even more.

Bear run is where they have their fun that is correct but when it is bull time there is a lot of publications that run with FOMO mindset as well, it may not be 50%-50% which direction they like, it might be 90%-10% but there are that small times when they run with good stuff as well. This should have been much more public because it would have created a lot of hype for the price.

2020 the government of united states Will declare that USA dollar worth nothing so You Get bitcoins 😀😀  return to your paper money lol 😀😀

The difference between both is clear, some of us only believe that bitcoin can be a better store of value than gold in the long run, and I never knew that gold has a limited supply because they mine gold from time to time, while bitcoin already has a number that can be mined.

That is not even an issue now, I think that the world leader too are already seeing the effectiveness of the system of bitcoin, and the value will over time grow more than that of gold and I think now, bitcoin is even still the most traded now even if the market cap of gold is far more than that of bitcoin, but gradually, attention is being shifted to gold and with time, the market cap of bitcoin may eventually over grow the market cap of that of gold. So we call bitcoin the future digital gold.

We did not get much publicity on that because the press is the major cause of bitcoin fudding, always spreading false news about bitcoin but hiding the positive news. One day, all these negative news about bitcoin will end and we will see the importance of bitcoin and cryptocurrency.

I dont think rich people have problems pay the transport. Gold s small enough. Silver is different case and is problematic to transport and store. Bitcoin have other advantages over gold. But gold have some to.

Well even if this discussion- gold vs btc is as old as bitcoin, I still like to way in.

BTC is much more like investment asset as is gold than it is a payment method. But gold is much less payment method as bitcoin is.
So bitcoin is gold and is better than physical gold because it is easier to pay with.

It seems to me that with such statements you need to be more careful or more accurately format your thoughts or formulate your statements.  For me, gold and Bitcoin have a similarity only in that their number is limited, but otherwise gold and Bitcoin have much more differences than differences.  In addition, civil servants need to be more attentive to their statement.

The Federal Reserve have been many things and many people over the years.   Former Fed chairman Alan Greenspan was a gold standard bug prior to taking the chair, during his term he oversaw over 20 years the lowest rates of interest in history and backed loose money and now he has left office he returns to the gold bug stance again.     https://www.youtube.com/watch?v=Cp-ov5T4DbE

Quite incredible, I'd call it hypocrisy but I guess it makes sense to him.  The FED is basically a political position in denial.    Another example of FED years past is the exter triangle which I post below, this acknowledges the range of assets that back an economy and its monetary system.
https://i.imgur.com/wrZBNep.png

On such a scale we might easily place Bitcoin, hence the acceptance now is not so astonishing.    It is money of at least some kind, its accepted by people as such and this is the main qualifier.

Not exactly the Fed themselves but someone connected in that sphere gives a pictorial of various money types present and past.   Again I think its correct to say money is a broad variable.

I guess you are talking about congress man sharam I think who likened the established of bitcoin as being dangerous more than the 9/11 lol. I am seeing so much hatred for this coin that has not been released, and I guess this is why Facebook decided to postpone the lunching of the coin to next year to really see the reaction of people about it and see if it will be a welcome development.

As it is, they can see that they are not welcomes, and I am glad they are beginning to see that bitcoin was never a threat to them, but the biggest threat to them is that of Libra coin which they have to quickly stop before it unleashes financial terror on the economy of different world. The only advantage I can see of Facebook involvement in crypto is just that of the publicity it will create for bitcoin.

Commodity/Currency.
Not a problem for me since I have been looking at bitcoin like that for years.
But for a FED to admit it? Hmmm. That is really something else.

We as average people will have a thought like that but I have never imagined one working in the government to take it that seriously.
It looks like even those who put their trust on their own currency are having so much doubts now and might also take a new type of investing or keeping it safe rather than just gold.

Bitcoin will always have its own appeal with how it is a digital version of gold, while Libra is backed by a basket of different fiat currencies with one major thing in common, which is that they all lose a lot purchasing power.

If it works the same as the dollar, which I'm sure it will, and by that time Bitcoin has gained even more ground as digital gold, people will lean towards Bitcoin more because of how it provides them a hedge against Libra.

The only downside is that based on its governance model, it's very similar to how EOS works where block producers can censor transactions and even freeze your balance. Time will tell how people will deal with this.

The greatest news is that recently it turned out some other big politician (I totally forgot but he was someone like head of SEC or something) was talking about how he likes bitcoin over libra, they were questioning libra and what it will do and how it will do it there and libra people were defending themselves, dude just plainly said he would prefer bitcoin over libra.

Now, you may think thats normal because you are an educated young person compared to these people but the guy I am talking about is probably like 50+ years old at least and is a politician not a finance guru, hence bitcoin being better than libra reached all the way to older people as well which is why it worth a lot to us.

I mean we knew it but if the world knows it and Libra becomes huge nevertheless that means bitcoin will be even bigger.

But this tweet of his never interpreted negative thingto me for it to have any negative effect on bitcoin, the only tweet that I saw really did some little damage was that of President trump directly wen he said some nasty things about bitcoin, it did actually affect bitcoin price, because it dumped alot, just that it coincided with bitcoin correction, and many people thought the dumping was still part of the correction that bitcoin has been on for a while now.

They all now the truth about bitcoin of being so importance and of being a very perfect system, which is why trump would even recognize it in the first place, it show they must have really seen lots about bitcoin, but they would not want to accept it yet for some governmental reason, but deep inside of them, they know that bitcoin could pass the test of being a digital gold.

Gold is very compact, I wish that any of us were so rich that we could not transport that wealth.   Sadly we can all lift a dozen kilograms but never actually purchase this much in gold, its really not a problem in the age of a car being so cheap to use.
   In future gold will weigh even less for the equivalent value, if thats the problem it will lessen have no fear.



This is upside down.   FIAT is just a token promise, it has no worth by itself.    If government demands you own this to pay taxes, now it has a worth and so it circulates based with that worth.   However cash notes or debt only works if the originator continues to honor their original parameters.    The dollar no longer has any fixed link to anything at all, its controlled in its descent but its inevitably losing value from a never ending over issuance to service excess debts.
    If you hold dollar you have a fist full of sand and it will fall away till you have nothing in your hand, it stands for nothing currently and when viewed over 50 years can be said to have defaulted and failed even.   However we trade day to day and week by week and it suffices but theres nothing there as an asset imo

The proper assets hold a set order without any market even and even BTC qualifies in that asset value without any price being needed.   Even without a price, gold has elemental properties that are unique.   BTC has a unique quality to it also, the value might be debated, prone to varying demand but its unchanged in its original purpose and utility so far as I can see.

What makes btc superior to gold is that you can actually transport large amounts.

Something less/more creates demand.
Less= more sacred.
More= less sacred.
Gold is not so sacred anymore, we have allready more Gold in the world, it use to be more sacred.



For each credit there is equal ammount of debit.
For negative  10 there must exist positive 10.

That's how it all works folks;) 

PEOPLE, PEOPLE Let's get some financial education Here!


When gold Goes  up and stock market then Bitcoin will go up too!!  

Anything what u trade against fiat currency is asset.
Gold is asset btc is asset.



Assets dont have value without fiat currency!
Assets like a Bitcoin gold and even property are just   the other side of APEX,  it means they are the counter balance against fiat currency like USD.



In other words without fiat currency the gold has no value and neither btc has value.


What we know is When Gold price is high then inflation rate for fiat currency is high too.
Same Goes for Bitcoin!
Gold, stocks, property and btc are the Same asset class!!

When btc price Goes up it does not mean the btc price is going up.... It means,  fiat currency quantity is bigger then btc quantity!
Same Goes for Gold, higher the price the higher the inflation for fiat!


I Hope I have described how it works Perfectly!



Merit will do Good  but not Requirred.

People only see the prices so they are comparing one expensive think to the other even we compare the price of bitcoin in USDs not in satoshis right.

It will only change if we have things to buy in satoshis not in cents.

They could do that but that will bring huge troubles to the economy and it is probably their last resort, to begin with that will devalue the dollar against gold, second there are some conspiracy theories claiming that governments have been selling some of their gold reserves to keep the price of gold in check, if true then it is possible the US government will have to implement something similar to the Gold Reserve Act that made illegal the private possession of gold.

How many times people need to see the same event happening in front of their eyes before they understand it never ends well? It is always the same story, at first the government uses sound money, gold or a currency fully backed by gold, then they begin to print more money and the currency gets devalued, after some time the currency becomes fiat with no backing of any kind, and at the end the currency fails and the government goes back to step one, but there is a difference now and that is that bitcoin exist so you can refuse to play their game and use a form of money they cannot print at will.

That is right, bitcoin will stop becoming subject of speculation soon, and the price will become very stable, at this point is when everyone will really see the benefit of cryptocurrency, people are still judging bitcoin right now because of the way the market makers or the whales manipulate the market and then use it to steal money from the weaker ones through panic sell and fomo.

The time bitcoin will become finite, all these will no longer be there and maybe then, trump will understand that they need to embrace cryptocurrency, especially bitcoin since the dollar is already getting weaker, trump is just trying to so all his possible best to strengthen the fiat which is why is still kind of against crypto, but very soon, I am sure he will understand when fire starts burning his roof.

They are obviously not going to do that. If they really wanted to "kill" Bitcoin, all they would need is going back to the gold standard, however a hard-money based economy creates a different array of problems from those which can be observed now. The most important and selfish one from their perspective, is that they would lose the ability to run an imperialist monopoly in which they are printing the world reserve currency at a desired rate while the rest is forced to accept it, rendering them as the de-facto king of the castle. However this is coming to an eventual end with the expiration of the petrodollar and here is where Bitcoin will play a mayor key.

I think USD can survive if they go back on the old ways of backing it up with something. Countries are missing the point of reserves, if you have reserves but have debt then you are doing it wrong. There is this weird system where everyone has debt, how does everyone have debt, what are these countries doing debiting each other in turn? The reality is that they are actually putting money in reserves and that is the problem.

Now, instead of reserves if they do dollar backed by gold and make that higher and higher and gather as much gold as possible to print more dollars than the rest of the money they have will go to paying their debts. If every nation does that and instead of putting bunch of stocks, bonds, treasury stuff and even foreign currencies in their reserves, they will be capable of actually paying their debts. High reserve while having high debt makes no sense.

BTC has always been compared to gold or something else like that. Even today every one of us compares btc to usd prices. Its almost like the success of this asset is dependent on the prices it'll fetch on the open market against usd. That's a flawed system in my opinion. Until we stop this basic comparison, everything will stay the same and btc will continue to be wrongly compared to gold and other precious metals. Which is wrong, there has never been anything like BTC and it is unique and it will not be comparable.

Its the same as Warren Buffet and Craig Wright on their points on bitcoin, blockchain and cryptocurrency. We all have our own perceptions about digital currency and gold but its always the way how we handle those things that has been said by those big influencers.

Yeah, I heard something about that a while back but don't know how true it is.  If asteroid miners know what's good for them, they'll leave any gold found there alone.  Can you imagine diluting the gold market that way?

Definitely no call for celebration here, and I also pretty much ignore what the Fed has to say about anything.  They're a bunch of really smart morons with too much power. 

The gold vs. bitcoin comparison has been going on longer than I've been a member of this forum, because I recall it being discussed when I was just a lurker--and I'm sure people are going to be comparing the two things well into the future.  Bitcoin hasn't quite proven itself to be a safe store of value, certainly not in the league of precious metals.  There's still way too much volatility and it's just too young.  Maybe if bitcoin starts to become stable it'll become a safe haven asset, but I highly doubt that's going to happen.  It's way too easy to speculate in bitcoin, and its market cap is still too small for the big money players to get involved with.

Trump statement is baseless with the Fed Chairman has some weight it in.


Well it will really have a big impact if we lose the US market, but then again, Americans will likely still invest on bitcoin because they really know the potential of this asset. It's been performing very strong in the last couple of years that smart Americans will still go for it despite their President's statement about it.

Even though he didn’t completely speak in favor of bitcoin, but at least he didn’t speak against it neither unlike the one trump openly declared hatred for bitcoin, it is a good thing that this statement from FED is coming now too from him, being a well-known figure, it will still be able to at least neutralized whatever trump said a little, at least people will still see that there is positive thing to be achieved through bitcoin even though it was not directly supported.

The population of Americans in cryptocurrency market is quite high and we still cannot afford to lose them all because they might panic sell on what trump said, but now that FED chairman still shed little light, it will still make them hold on a little longer. We still need more adoption of crypto now and not losing it at this critical period.

He actually portrayed Bitcoin in it's actual form and how it has matured over the years. Speculation is the main reason most are in cryptocurrency now, the potential for growth, and this is tied to volatility which I would say is gradually on the decline.

Coming from him considering the position he holds fives Bitcoin a higher level of publicity.
With volatility and mass adoption would Bitcoin become more useful as a means of making payment? That we would see in the coming years.

Every guy with at least basic knowledge about economy and finance knows the things that the FED chairman is saying.USD won't survive forever as a reserve currency,because the government debt will explode sooner or later.Bitcoin is a speculation tool,but it won't be a speculation tool forever.The price volatility will go down,if there's mass bitcoin adoption.

It is actually easy to explain his actions, because he is simply saying this to highlight that Bitcoin is more like a speculative asset than a currency. His main mandate is to protect the US Dollar and by deflecting the attention that Bitcoin is getting as a currency. It is all smoke and mirrors and people in his position does not want to openly be aggressive towards emerging technologies, because it would raise suspicion.

This is also why Donald Trump is tweeting about Bitcoin and Libra now, because he is getting advice from people like this. They know Bitcoin is a two edged sword and it will hurt them, if they ignore the possible advantages of this technology.    < Like tracking all transactions on a Blockchain in a Utopian regulated environment.> 

Very different assets physical and virtual.   They are both alternatives to the dollar but thats not a real reason to put them in the same category and not even close to being the same thing.   Crypto when done properly is decentralised where gold has a problem of storage and verifying its condition and quality on every exchange, they are not close in this respect or many others.
   Just a brief examination of the two asset details has them immediately differing to a large extent, how can they really be the same.   They will have separate dynamics always, the dollar decline might have universal price alternations but this just a reflection of that dollar influence.

  I'm sure BTC and gold will always be altering their ratio, I'd not state one over the other but its not going to be fixed or a strong relationship.   For gold keeping a ratio to oil I think it should display a correlation, the reason being the cost of energy in gold mining is very often a large component.   So we immediately have a reason to be comparing gold and oil even though they are quite different commodities there is a relationship ongoing.


The only detail I heard would be the FB coin would be a basket of currencies rather just one.    In some countries with weaker currency it would be useful to have a link to many countries currency worth, diversified to global GDP growth or purchasing power a bit better.   

It's already limited. If we look at how much demand there has been for Bitcoin throughout the years, there is no reason to think of why the coming years should or could be different with more fundamental developments.

Sure, speculation is still the main driver of the price, but with Bitcoin growing larger and maturing more, different use cases will slowly catch up and push back the dominant force within the speculative nature of it.

There is little over 3 million BTC left to be mined. We know when the last satoshi will be mined, and when much sooner the mining rewards will no longer add anything of significance to the total number of coins in circulation.

With gold we don't know anything about its actual circulating supply, and how much there is left to mine. This transparency is extremely bullish for Bitcoin and allows every person to front run the reward cuts.

I dint think Facebook coin can ever pass the test of being recognized as digital gold, if I wanted to save my money, I would rather leave it in the bank than to change it to Facebook stable coin, of what benefit or interest would it yield me. Normally, gold being use as store of value should appreciate from time to time, and this is why many people prefer to hold it for long term investment.

For Facebook coin, this is more of a stable coin that will just be used as utility token, no increase, just stagnant, not even decentralized for us to say it will keep the identity of those who store money on it is covered. The only coin that can pass that test to be called digital gold is still bitcoin, and I think it is gradually getting there fully. Once bitcoin supply becomes very limited, its digital gold nature will be activated.

Bitcoin can not be considered digital gold, even comparing these financial assets with one another is very difficult, because between them there is actually very little in common, and most of the signs are exactly the opposite.
One of the main reasons why Bitcoin cannot be considered digital gold is its high price volatility, which, it seems, will always be in Bitcoin.

I saw plenty of coverage, relatively, considering that Libra's hearing has been taking centre stage. Mostly on negative though, but that's just a demonstration of how an entire discussion that can be objective and contain many sides of any story and yet have 10 different media pieces pick up the parts that suit their agendas the most.

Bitcoin comparison to gold can exist in the same breath as comparison to say, terrorism, and magic internet money. And they actually do =)

Well, from the first get go, we all know that most or rather so many doubts have been put on cryptocurrencies before it was even launched so i'm not suprised by these guys reactions.

As for me, digital gold would be like facebook currencies so I wouldn't think of it as Bitcoin for now because of the market stability, we'll see tho.

TRUMP is just a useless selfish man, he is a business man, and I am sure that he secretly has an investment in bitcoin, which I also believe that he has already sold his investment , and he needed to get another chance to buy at cheaper price again, which  is why he probably created such FUD news.

I guess he succeeded anyway, bitcoin fell below $10000 recently, and I hope it does not get worse than that, anyway, no matter how worst it gets, it would not take much long before it finds its way up gain, and I believe that this chance too was created for some of us to put more money, when I saw the price drop that low some days again, I was actually happy, that  I had to rush to use my credit card to convert some fiat into bitcoin, I am sure many people would be doing this also.

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.

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  

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.

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.

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.

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.

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.

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.

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.


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

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.

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?


If they'd even allow that.

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.

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.

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.

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.

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.

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. 

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.

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?

On asteroids? 
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.

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.

At least I think it shows that people's attitudes (especially in the finance industry) are starting to change about Bitcoin's reputation, but also its use. Five years ago, the FED had a completely different speech about cryptocurrencies.

- 10 Years when they heard about a digital and decentralized currency, they were like this => 
- 5 Years ago when they heard Bitcoin start to be useful and popular, they were like this => 
- 2019 they start to realize its potential to compete with centralized currencies, they're like this => 

I think gold should only be compared to real estate. Because supply is increasingly rare and the demand for human consumption is growing day by day when they have a lot of cash. But for bitcoin, it seems that they are gradually unwilling to buy it. because the news of Bitcoin manipulation is increasing. the whales continually pump and dump the coins and make the investors there always bewildered.
That will be what makes people no longer trust bitcoin.

This one. I mean FED admittedly that bitcoin is comparable to gold as a store of value is huge. I guess we didn't have that much publicity is because it's been overshadow by Trump's supposedly anti-bitcoin tweet. But this is a strong words coming from Powell and maybe we could see some repercussions later.

I personally don't think it's a big deal. He basically said that Bitcoin is a speculative store of value, and majority of its holders use it as such. He didn't paint it in a positive light at all, just that Bitcoin can perform gold's role (with no mention of its efficacy) in that respect.

I guess it's nice to have an age-old comparison being validated by someone in a position of power though.

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...