If Bitcoin is the new Gold it will be worth... - page 2.

CryptoTamer

full member

Activity: 364

Merit: 101

Quote from: darkangel11 on October 10, 2017, 03:15:30 PM

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

I think so, this factor reduces the supply of Bitcoin circulating in the market because some users lost access to their wallets. I don't know how much Bitcoin can not be used because of this factor, but certainly this factor reduces the amount of supply in circulation and makes Bitcoin more special than gold

aardvark15

hero member

Activity: 1008

Merit: 510

Quote from: robx on October 10, 2017, 02:33:11 PM

just playing with numbers little bit Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000 (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

I actually think the price of Bitcoin will continue to keep rising over time because the supply will start to drop. There are fewer Bitcoins mined every year and there are Bitcoins lost every year. At some point there will be more Bitcoins being lost than are being created. The supply will gradually drop while the supply of dollars increases because the government keeps printing money. Basically the value of the dollar keeps dropping and the value of Bitcoin keeps increasing.

Zorbak

member

Activity: 167

Merit: 10

Yes BTC price will be bigger and BTC will be more useful as store value than gold but gold will always has value as others than store value has many uses in industry and many other fields.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

robx

newbie

Activity: 8

Merit: 0

Quote from: Envrin on October 10, 2017, 02:46:22 PM

...now even if this forecast comes true at least 10%, it will be very good. So why not dream? Grin

Yeah and if you see that Gold is only one part in a portfolio its getting even better

Take the stock market for example, its about 60,000 billion $ (only stock market , no derivatives etc.)
If we assume that in the future people will have 10% of their portfolio in bitcoin instead of stock market it would add another 6,000 billion dollar.

which is per Bitcoin 285,000 $

and then the real estate market etc.

yeah it may be a bright future for the early adopters

tiggytomb

legendary

Activity: 1848

Merit: 1000

Even taking the store of value gold it gives bitcoin an amazing price, a price I would love to see happen in my lifetime, possible but maybe a little bit out of reach.

I do think bitcoin will be used in a similar way to gold and we will have other cryptos taking the place of everyday usage.

aso118

legendary

Activity: 1918

Merit: 1012

★Nitrogensports.eu★

Interesting that you count only the gold which is used as a store of value. If you think that Bitcoin can replace all gold, its value will come out to be higher. Of course, if Bitcoin is really successful, it will replace not just gold, but a big portion of the money supply as well.

Envrin

sr. member

Activity: 318

Merit: 251

An interesting example. Perhaps this is certainly a kind of humor, but maybe some forecasters of the bitcoins price also reasoned like you. Nevertheless, now even if this forecast comes true at least 10%, it will be very good. So why not dream? Grin

robx

newbie

Activity: 8

Merit: 0

just playing with numbers little bit Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000 (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

Topic: If Bitcoin is the new Gold it will be worth... - page 2. (Read 575 times)