Topic: "Looks as if #Bitcoin is eating #Gold". Good idea to buy some Gold now? - page 4. (Read 810 times)
February 24, 2021, 11:10:46 PM
Ideally we would have expected the gold prices to go up along with the hyperinflation caused by the stimulus measures, but the prices are actually going down. Many of the analysts are saying that there is an oversupply of gold at the market right now, because of people liquidating their gold savings to survive during the pandemic period. This is especially true here in India and I have seen for myself how people are selling their gold ornaments and coins after losing their jobs.
February 24, 2021, 09:26:25 PM
Yes, gold is always available and has a good meaning in life. Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price.
Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future
) and leave a bit of dowry for my children.
Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now. Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future
) and leave a bit of dowry for my children.
February 22, 2021, 02:20:43 PM
I do think that it is a good time to buy some gold and store them for future. as you said gold will hold it's value in future as it's the one of oldest and most valuable asset in world. and I don't think there is any connection with Bitcoin in dropping of GOLD's value.
is that 166k usd is the price of 1 gold ? that was still alot and btc has still a long way to fully overcome gold even if we say that gold dropped a thousand dollar and that price of 166k per gold is still expensive so i think ill wait for more price drops of gold before i finally buy it but in the meantime i can be able to buy more btc and im going to finish my btc accumulating first before transfering to gold so that i can foccus properly .
I don't know what do you mean by 1 GOLD. it could be one gram, one killo or any amount of GOLD. I don't think we can count gold itself. 
February 22, 2021, 02:12:16 PM
Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now.
I think it is still about diversification for the future generations as well, not like people will "hate" gold nowadays, they will still think it is a good investment but they will not see it as the only thing. My dad and mom collected gold like miners and they have paid so many things with that "savings", I would literally put it on an index and it would have made at least that much money unless it was a market crash.Long story short I personally (and many people in my generation) would love to have some stocks too, some gold, even silver, some crypto and some other things if we can, diversification is a lot more available to the new generation. Next generation will probably not have that much gold or stocks and more crypto but they will still not have zero gold, we are not going to see gold suddenly going to zero and being unimportant in the world in 50 years.
February 22, 2021, 01:40:06 PM
-snip
You will also pay premium and fees when you buy and sell Bitcoin. Sometimes, you even allow yourself to have the spread get the better of you if you are in a hurry to sell a certain amount.
Theft is a really huge problem with Bitcoin, probably more than with gold. There are probably more ways for thieves to steal Bitcoin than with gold. Furthermore, with gold you oftentimes don't have them in your possession except if you intend to keep physical gold.
Volatility is both good and bad. It is both an opportunity and a disaster.
You may adjust your portfolio as you wish but you probably does not fully switch more often.
Depends on where you buy it of course but you usually do not pay premium fee's to buy or sell bitcoin, you do pay a huge sum when you are sending your bitcoin somewhere which should be definitely fixed but you can't easily send 10 million dollars worth of gold to another nation neither, it would be near impossible to do something like that and even if you can it would be very very difficult.You will also pay premium and fees when you buy and sell Bitcoin. Sometimes, you even allow yourself to have the spread get the better of you if you are in a hurry to sell a certain amount.
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With bitcoins there is a volatility issue but I rather consider it as an opportunity and the best part with bitcoins is that you don't have to be worried about theft and robbery but with gold you always have to keep these things in mind.
Theft is a really huge problem with Bitcoin, probably more than with gold. There are probably more ways for thieves to steal Bitcoin than with gold. Furthermore, with gold you oftentimes don't have them in your possession except if you intend to keep physical gold.
Volatility is both good and bad. It is both an opportunity and a disaster.
Quote
Having several fruits in the basket is absolutely important but you need to also keep in mind that if something is not moving with the pace of how market is moving then you have to switch.
You may adjust your portfolio as you wish but you probably does not fully switch more often.
However in crypto you can send money around the world in a matter of few hours at most with just 100 bucks at most cost. Yet that is not what I was talking about, I meant "sending money from your bank to local exchange, buying bitcoin, wait for it to go up, sell bitcoin, withdraw fiat back to bank account" this is really not that expensive, gold is quite expensive to buy and sell because of premium charges but bitcoin is not in that regard, it is quite inexpensive.
February 22, 2021, 08:08:41 AM
is that 166k usd is the price of 1 gold ? that was still alot and btc has still a long way to fully overcome gold even if we say that gold dropped a thousand dollar and that price of 166k per gold is still expensive so i think ill wait for more price drops of gold before i finally buy it but in the meantime i can be able to buy more btc and im going to finish my btc accumulating first before transfering to gold so that i can foccus properly .
February 22, 2021, 07:47:55 AM
I saw this interesting tweet today.
source: https://twitter.com/Schuldensuehner/status/1361944837742874631
As we can see, GOLD price is dropping the last 6 months (-10%), while Bitcoin is doing really well (-317%).
Some of the gold market cap might be moving to BTC.
Would it be an interesting idea to take some profits from BTC recent gains and buy some gold? Gold is the oldest asset I know of, and it will certainly hold value over the next years to come.
I am still accumulating BTC, but to accumulate some Gold is always a good idea.
Perhaps everyone will think of buying gold, and want to trace to the nearest place for immediate consultation. But personally I would choose bitcoin. Gold is too pragmatic and is in the idyllic category, so I chose bitcoin because of my personality like bitcoin's macro and progressiveness. Bitcoin has also become popular in life, free to use for all types and purposes. source: https://twitter.com/Schuldensuehner/status/1361944837742874631
As we can see, GOLD price is dropping the last 6 months (-10%), while Bitcoin is doing really well (-317%).
Some of the gold market cap might be moving to BTC.
Would it be an interesting idea to take some profits from BTC recent gains and buy some gold? Gold is the oldest asset I know of, and it will certainly hold value over the next years to come.
I am still accumulating BTC, but to accumulate some Gold is always a good idea.
I think everything is cyclical, in the long run bitcoin will be number 1. today there is a correction and I will continue to buy some bit more bitcoins and dream my beef in the future.
February 22, 2021, 06:40:40 AM
Yes, I also think that bitcoin and gold are two parallel topics not competing directly with each other. Gold is a more conservative source for investment, dealing not only with individuals, but also with large organizations and even states, and it is unlikely to have a level of volatility in size and time of change comparable to bitcoin and other cryptocurrencies. Bitcoin at this point in time is more of a speculative asset than an object for long-term investment.
Bitcoin may be regarded as a speculative asset at this point, but I disagree when you claim that it is not suitable for long-term investment. With institutions pouring more and more of their funds in to Bitcoin, in the long term the potential for returns are much higher. Many of these institutions are claiming that they have 10-year or even 15-year targets. So unlike the individual investors, they are not going to dump their coins at the first opportunity. This definitely means that the corporations are expecting good returns in the long-term.
February 22, 2021, 02:57:57 AM
Yes, gold is always available and has a good meaning in life. Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price.
Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future) and leave a bit of dowry for my children.
Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now. Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future
) and leave a bit of dowry for my children. February 22, 2021, 01:59:16 AM
This makes me wonder if possible Gold devaluation is one of the reasons that the Indian Govt is getting so proactive about small retail investors making money through crypto in India?!!
You see Gold is seen as a big motivator for savings as well as spending in India. A huge percentage of the population is young and digitally active. If the concept of bitcoin as digital gold catches up, Gold may lose its dominant role and cost for the population. Cryptocurrecies and the accompanying innovations also make people way more spartan with respect to their savings and investments. Majority of Indians prefer staying in safe Govt issued instruments and put money in Govt owned banks. All of that could possibly change with Bitcoin.
Instead of letting innovation and good business drive growth in the sector, the reactionary and conservative policymakers are resorting to moves like banning all cryptos.
That is an interesting theory and one that may as well turn out to be true, India is always at the top of the net buyers of gold, if people there begin to prefer bitcoin over gold not only this will affect the market of gold in India it will also begin to affect the capability of the government to keep track of what their citizens are doing with their money, and that is something they do not want to tolerate because as we have seen over the years they have implemented cash restrictions on India as well and bitcoin could give their citizens some of the freedom they have lost over the years because of those policies. You see Gold is seen as a big motivator for savings as well as spending in India. A huge percentage of the population is young and digitally active. If the concept of bitcoin as digital gold catches up, Gold may lose its dominant role and cost for the population. Cryptocurrecies and the accompanying innovations also make people way more spartan with respect to their savings and investments. Majority of Indians prefer staying in safe Govt issued instruments and put money in Govt owned banks. All of that could possibly change with Bitcoin.
Instead of letting innovation and good business drive growth in the sector, the reactionary and conservative policymakers are resorting to moves like banning all cryptos.
February 22, 2021, 12:02:25 AM
Yes, gold is always available and has a good meaning in life. Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price.
Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future) and leave a bit of dowry for my children.
Because, gold is the first jewelry mentioned in the wedding, not bitcoin.
I will buy them for marriage in the near future
) and leave a bit of dowry for my children. February 21, 2021, 07:59:23 PM
It is true that gold is going down right now. But I don't agree when you say that gold is going down because people are increasingly flocking to Bitcoin. What happening with gold right now is a temporary slump. In the long-term I expect gold to trade at around $5,000 per oz. Gold remains the most trusted and accepted store of value. Bitcoin will take a long time to overtake gold in this regard.
Yes, I also think that bitcoin and gold are two parallel topics not competing directly with each other. Gold is a more conservative source for investment, dealing not only with individuals, but also with large organizations and even states, and it is unlikely to have a level of volatility in size and time of change comparable to bitcoin and other cryptocurrencies. Bitcoin at this point in time is more of a speculative asset than an object for long-term investment. February 21, 2021, 09:41:13 AM
It is true that gold is going down right now. But I don't agree when you say that gold is going down because people are increasingly flocking to Bitcoin. What happening with gold right now is a temporary slump. In the long-term I expect gold to trade at around $5,000 per oz. Gold remains the most trusted and accepted store of value. Bitcoin will take a long time to overtake gold in this regard.
February 21, 2021, 06:19:52 AM
I’m not sure with what reference they are correlating the Gold and Bitcoin ? Though both the markets are different and share no investors equally!! You might say people are selling Gold and buying bitcoin. That’s not true 100%. The fan base of Gold may or may not be in the crypto. Gold is traditional asset, mostly the holders are from big old wallet or fresh investors who see Gold as low value asset as compared to bitcoin.
So considering this fact they may not affect each other to this extent. Gold is centralised stuff, controlled, manipulative with Government holdings. So it’s always good if you buy it when it’s lowering the value.
So considering this fact they may not affect each other to this extent. Gold is centralised stuff, controlled, manipulative with Government holdings. So it’s always good if you buy it when it’s lowering the value.
February 21, 2021, 05:52:11 AM
I have been talking just at the weekend to a BTC friend about
taking profits and maybe buy Gold and Property but we were aiming
for later in the year when [hopefully/potentially] that Gold/Bitcoin
gap will be even wider.
If you listen to Michael Saylor, Bitcoin is really the only store of value,
its really hard to know what to do, is there going to be a correction like
2017/2018? will we actually need to diversify into Metals or Property?
taking profits and maybe buy Gold and Property but we were aiming
for later in the year when [hopefully/potentially] that Gold/Bitcoin
gap will be even wider.
If you listen to Michael Saylor, Bitcoin is really the only store of value,
its really hard to know what to do, is there going to be a correction like
2017/2018? will we actually need to diversify into Metals or Property?
Diversification is always a good idea in investments and i particularly always like property investments which is where my next target is.
With regards to Bitcoin price correction, I believe that correction will still come but understand that after this, we will still see the years ATH before the Bear market sets in.
February 20, 2021, 11:18:36 AM
If asteroid mining becomes real gold will tank as a wealth storage.
Has it occurred to you that Musk is pioneering space to mine gold on those asteroids and is buying btc on the real cheap?
If so gold will drop a lot.
Has it occurred to you that Musk is pioneering space to mine gold on those asteroids and is buying btc on the real cheap?
If so gold will drop a lot.
I don't understand why you are spreading theories about gold mining somewhere in space as something that will happen in the next 10 years when most experts say it will take at least 50 years to make it available and commercially viable?
Gold and other metals are very likely to be mined on asteroids, but not in the near future - certainly not in the next 10 years. But this does not mean that BTC does not have an impact on gold even now, because a certain outflow of funds from the gold market to BTC has already been recorded.
Quote from: https://www.mining.com/web/the-golden-asteroid-that-could-make-everyone-on-earth-a-billionaire/
Can we actually extract this space gold? That is the quintillion-dollar question, certainly.
Speaking to Outerplaces, Professor John Zarnecki, president of the Royal Astronomical Society, estimates that it would take around 25 years to get ‘proof of concept’, and 50 years to start commercial production.
Speaking to Outerplaces, Professor John Zarnecki, president of the Royal Astronomical Society, estimates that it would take around 25 years to get ‘proof of concept’, and 50 years to start commercial production.
@bitmover, I don't see why it would be bad to diversify into things like gold and silver as some kind of insurance in case BTC experiences some catastrophic drop - smart investors know it's never wise to keep all eggs in the same basket, no matter what some say are 100% in BTC - but I think that's far from the truth.
February 20, 2021, 07:49:15 AM
I'd rather sell my Bitcoin for fiat and buy back Bitcoin in bear market. In the past cycles it crashed 80% from the peak of the bull market, and it's a huge opportunity to buy more coins for the next bull run which will happen in 2024. Or maybe there will even be a smaller bull run in 2023.
Gold isn't really exciting, and when it comes to traditional investments I'd rather choose real estate - it generates stable income and it's always in demand.
Gold isn't really exciting, and when it comes to traditional investments I'd rather choose real estate - it generates stable income and it's always in demand.
February 20, 2021, 07:05:21 AM
Investing on Gold is always a good idea and why not you too invest on it? It is mandatory to hold few hundred grams of Gold in or savings all the time for emergency needs when nothing is liquidated as Gold. I guess some of the rich people are moving to BTC from Gold that is why the price is dropping but still gold remains in the top of total marketcap and it deserves it.
I'm actually wondering why people keep on comparing these two when we could actually have them both as assets. Gold will always remain gold and Bitcoin will always remain as cryptocurrency. One of the few differences that we could notice is more people trust Bitcoin since it has proven a lot for years while Bitcoin is just starting to gain other's trust when it comes to investment. I'm sure that both could strike higher in the future but both are worth investing in.
February 20, 2021, 06:31:07 AM
Personally, I would. It doesn't hurt to trim down a bit on Bitcoin's profit and diversify it to precious metals. While there are speculations of space mining and all, I guess it won't happen anytime soon. And gold would definitely stay precious for the next several decades. For me, it is still a wise decision to buy gold, silver, platinum, and so on during their respective dips. In fact, precious stones could also be added to your portfolio if you have a vast amount of wealth. Having several baskets is always better than having only one.
Due respect to your vision and to an extent even I agree that gold will remain precious for years and decades. But the thing with gold is that you are paying charges when you buy gold and when you sell gold you again have to pay some fees as the gold degrades a bit and you don't get 100% value of your gold.You will also pay premium and fees when you buy and sell Bitcoin. Sometimes, you even allow yourself to have the spread get the better of you if you are in a hurry to sell a certain amount.
Quote
With bitcoins there is a volatility issue but I rather consider it as an opportunity and the best part with bitcoins is that you don't have to be worried about theft and robbery but with gold you always have to keep these things in mind.
Theft is a really huge problem with Bitcoin, probably more than with gold. There are probably more ways for thieves to steal Bitcoin than with gold. Furthermore, with gold you oftentimes don't have them in your possession except if you intend to keep physical gold.
Volatility is both good and bad. It is both an opportunity and a disaster.
Quote
Having several fruits in the basket is absolutely important but you need to also keep in mind that if something is not moving with the pace of how market is moving then you have to switch.
You may adjust your portfolio as you wish but you probably does not fully switch more often.
February 20, 2021, 02:45:46 AM
Investing on Gold is always a good idea and why not you too invest on it? It is mandatory to hold few hundred grams of Gold in or savings all the time for emergency needs when nothing is liquidated as Gold. I guess some of the rich people are moving to BTC from Gold that is why the price is dropping but still gold remains in the top of total marketcap and it deserves it.
Gold remains on the top because it is recognized globally. Imagine if gold was being mined more than iron then it would have absolutely no value so its valuable because the demand is always there because the supply is very limited.I don't hold much gold but my parents do and I respect their decision because not everyone has the same confidence in Bitcoins or crypto currencies as I have or anyone here in the forum has. I don't want to force my decision onto them either, but yeah whatever money I manage to earn and save in my life all goes towards either spending on needs or if I am saving, it always is saved in the form of bitcoins or sometimes other coins like ETH, DOT,etc
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