I agree, but bitcoin can not be compared to gold anyway, it is not the best comparison that you can make becuase they are very different things, no matter what.
Bitcoin is digital, and gold is physical, THIS tells you everything, there is no way to recover your money if bitcoin dissapears, but if you are holding gold, then you can sell it instantly if the price starts to go to an incredibly bearish trend, obviously that bitcoin is being much better at this times.
Topic: Mr. Thiel: Bitcoin Can Be The New Gold (Read 632 times)
It is really interesting to always see the comparisons to gold with bitcoin because in a lot of ways they are very similar but a lot of ways they are so different. Gold is a physical tangible asset and so is backed by that whereas bitcoin is not backed by anything, this is the major difference in my opinion and one that worries me when people try to think of bitcoin as a store of value.
Gold is not backed by anything either, gold is just an element of the periodic table nothing more and nothing less, however its characteristic fits very well the definition we have of money and bitcoin fulfills those characteristics in an even better way that is why bitcoin victory in the long term is assured. 
It is possible that one day BTC become reserve currency of the world,and we can say that today is like digital gold.Like always people were fascinated with gold and the situation is the same today.But this is a digital era and golden fever moved to the internet.In the past, people have mined gold,small ordinary people and many got rich.Nowadays there is one new generation which is fascinated with BTC,for most of them BTC is new gold and they will try to get as much as possible until it becomes too expensive or inaccessible.
Of course that bitcoin has that potential, but we are still on the road, we can not say that bitcoin is going to be the new gold because that is false, there is nothing that can guarantee to see bitcoin at a stable price, it has only been increasing by a lot of money and it is scares investors a lot, so that is why it is so wrong to compare it with gold. You all know that gold has been always the main currency, and all the Money Reserves are Gold based, so there is no way that bitcoin can replace it on this kind of purposes.
Definitely. Bitcoin has the potential to be essentially a safe haven where investors will enter whenever a financial crisis happens. And this is the beauty of bitcoin - the production of bitcoin is completely decentralized and nobody can control it, much like gold.
I believe price will be at least $10k by the year 2020, and potentially more if a global financial crisis strikes.
Seems like we're not the only ones thinking this either, as demonstrated by that article.
I believe price will be at least $10k by the year 2020, and potentially more if a global financial crisis strikes.
Seems like we're not the only ones thinking this either, as demonstrated by that article.
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Peter Thiel the co-founder of PayPal is convinced that Bitcoin could be digital gold and has the potential to take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable. It's like a reserve form of money, it's like gold and it's just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.
Source Here!
This man is speaking from years of wisdom and experience especially being a part of the PayPal success story and now he is one of the many big names who are promoting the advantages of using Bitcoin both as a currency and a store of value. We will see in the coming years if indeed Bitcoin would be playing this role big time as we are now seeing many evidence for a bigger picture along this line. Maybe in the person of Mr. Thiel we are finding a nemesis of Mr. Jamie Dimon who openly criticized Bitcoin as fraud even if his firm's clients are also into it.
Welcome to the new gold standard...the Bitcoin.
It is good to hear those kind of words from him, i thought that this kind of people were never going to be positive about bitcoin, but he did. Those are good news, but we should not be so happy because they are comparing bitcoin to gold, and that is something wrong, you can not compare them both because there is nothing common between them.
Bitcoin is digital, and gold is physical and it has been the best source to hold your funds safely for more than centuries, bitcoin has born 9 years ago..
Bitcoin is digital, and gold is physical and it has been the best source to hold your funds safely for more than centuries, bitcoin has born 9 years ago..
Gold is so unwieldy for the exact same purposes that BTC fulfills that I can see it slipping quite significantly in the next couple of decades no matter what any gold bug thinks.
Not necessarily. You can't so easily discard the governmental influence in the gold market as major holder. Instead of you expecting the gold price to slip in the coming decades, I expect governments to continue accumulating gold. Russia has been buying huge loads of gold in the last years, and that's not something I can see them stop with. The same basically goes up for China as well. It's in their interest to not let the gold market fall too much, because as major holders, they get to suffer badly from these kind of circumstances. That's quite an important difference/factor, isn't it?
this now bitcoin price is above gold price
if in digital curency is the best curency, in online comoditie bitcoin is the best too above gold
but if compare real gold physic gold, gold still above bitcoin
if in digital curency is the best curency, in online comoditie bitcoin is the best too above gold
but if compare real gold physic gold, gold still above bitcoin
Gold is a measure of commodity, Gold is the measure of the currency. I think the only possible conventional value of Bitcoin with gold. If in the future it is presumed Bitcoin is the measure of the currency then that is a very interesting. in the excerpt only mentioning the digital gold. I think they will treat Bitcoin do function measure of the value of digital money as the way they converted currency value in gold now
Goldbugs usually talk about gold having inherent value on it. I think it's total bullshit. Sure it may have some applications here and there, but they could be replaced with other metals, and most of gold's marketcap is speculative just like bitcoin.
Sorry goldbugs but bitcoin beats gold on every department, except that you could still be using gold without any electricity, and gold has no hardfork dramas. But no-electricity means there's no civilization therefore no concept of money anymore, also hardfork problems will subdue with times since the more times bitcoin survives contentious hardforks the more immunized it becomes.
Sorry goldbugs but bitcoin beats gold on every department, except that you could still be using gold without any electricity, and gold has no hardfork dramas. But no-electricity means there's no civilization therefore no concept of money anymore, also hardfork problems will subdue with times since the more times bitcoin survives contentious hardforks the more immunized it becomes.
I'd guess gold's actual usefulness makes up 1-3% of its value. The rest is hot air and mutual delusion. Paper gold has really shown up that aspect of things.
Gold is so unwieldy for the exact same purposes that BTC fulfills that I can see it slipping quite significantly in the next couple of decades no matter what any gold bug thinks.
It is really interesting to always see the comparisons to gold with bitcoin because in a lot of ways they are very similar but a lot of ways they are so different. Gold is a physical tangible asset and so is backed by that whereas bitcoin is not backed by anything, this is the major difference in my opinion and one that worries me when people try to think of bitcoin as a store of value.
They're both abstract concepts. Bitcoin's a string of code. Gold's a lump of junk you pull out of the ground with a tiny bit of usefulness.
What counts is the concept they embody which is value theoretically beyond government control. In gold's case that's completely fictional, it's rigged. Bitcoin isn't there yet but might be one day.
I'd say what he's saying is right. It'll never be a currency.
Goldbugs usually talk about gold having inherent value on it. I think it's total bullshit. Sure it may have some applications here and there, but they could be replaced with other metals, and most of gold's marketcap is speculative just like bitcoin.
Sorry goldbugs but bitcoin beats gold on every department, except that you could still be using gold without any electricity, and gold has no hardfork dramas. But no-electricity means there's no civilization therefore no concept of money anymore, also hardfork problems will subdue with times since the more times bitcoin survives contentious hardforks the more immunized it becomes.
Similar such statement was put forth by the company Co-founder of Apple that bitcoin is better than gold. Another expert has predicted that the price of bitcoin will reach the capital crossing trillions if the similar growth takes place as blockchain technology implementation is getting importance experiencing the efficiency it provides with other forms.
The only thing i see being similar between gold and bitcoin is that they both are volatile. Other than that, i don't see them being relevant to each other from any matter. I know they both are assets that people use for investments and keeping their money but bitcoin is a totally different concept. Gold is a natural resource while bitcoin is man-made and it has different features and uses. I don't think we should compare bitcoin to gold and call them similar from any means.
Let's put some aspects to 'test'.
Bitcoin - Store of value? Yes.
Gold - Store of value? Yes.
Bitcoin - Currency? Yes.
Gold (regardless of how inconvenient it may be in this aspect) - Currency? Yes.
Bitcoin - Investment option? Yes.
Gold - Investment option? Yes.
Bitcoin - Allows you to store wealth outside the reach of any central authority? Yes.
Gold (in physical form obviously) - Allows you to store wealth outside the reach of any central authority? Yes.
Bitcoin (initially) - Obtained through intensive effort? Yes.
Gold (initially) - Obtained through intensive effort? Yes
Just some aspects to point out the similarity to get the point over that volatility isn't the only thing. And that to be said, the volatility Gold experiences can't be compared to the level of volatility Bitcoin's market exeriences. Gold's market is probably one of the most liquid markets in the world. Bitcoin's market liquidity is a joke in comparison to what other traditional assets have to offer, which pretty much explains to some degree where a part of this volatility comes from.
I wouldn't say bitcoin is better than gold, or gold is better than gold due to both has it own advantages which another doesn't possessed, gold has "physical form" and bitcoin has "digital form". Whether people consider it as store of value, digital currecy, digital gold or an object of trading, but the most attracted thing is the value of bitcoin, over $5700 and still continue to rise over time. Give it more time and regulations from governments, it will become one of the major currency being used in this world.
This man has make a very important comments about were bitcoin stand and we could have been able not to believe the FUD created by the enemies about bitcoin. What the elites said should not change anything in our minds about bitcoin. Bitcoin is the future currencies and it will serve as a gold standard if Governments is actually serious about creating a ssystem that will reduce unemployment and inflation in future.
wow this is killing me :
i do not really understand why people keep doing this,i might be wrong but Gold and Bitcoin are a different assets.
why would we compare it while it's their own function,advantage and disadvantage ?
for me it would be better for us to compare it to other online payment other than Gold.
the majority people know Gold as a jewelry and only some people think the other way,it's like trying to hype it without a reason
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He compared many of the features of Bitcoin to gold
so people these days comparing it to gold right now ? a while ago many people comparing it to Fiat(until now actually) and right now we're comparing it to Gold.i do not really understand why people keep doing this,i might be wrong but Gold and Bitcoin are a different assets.
why would we compare it while it's their own function,advantage and disadvantage ?
for me it would be better for us to compare it to other online payment other than Gold.
the majority people know Gold as a jewelry and only some people think the other way,it's like trying to hype it without a reason
The only thing i see being similar between gold and bitcoin is that they both are volatile. Other than that, i don't see them being relevant to each other from any matter. I know they both are assets that people use for investments and keeping their money but bitcoin is a totally different concept. Gold is a natural resource while bitcoin is man-made and it has different features and uses. I don't think we should compare bitcoin to gold and call them similar from any means.
Gold and Bitcoin are similar in that they are both (1) attributed value by social convention, (2) can serve as store of value and (3) can be used as a currency. Apart from other precious metals there have been very few commodities for which all three of these apply. While gold, due to its physical properties, has industrial uses as well, those don't even closely account for its price.
In the end both Gold and Bitcoin are bought, used and have value for mostly the same reasons, which is why a comparison is quite apt in my opinion. Heck, most Gold is traded digitally anyway, just with much less transparency.
Quote
Peter Thiel the co-founder of PayPal is convinced that Bitcoin could be digital gold and has the potential to take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable. It's like a reserve form of money, it's like gold and it's just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.
Source Here!
This man is speaking from years of wisdom and experience especially being a part of the PayPal success story and now he is one of the many big names who are promoting the advantages of using Bitcoin both as a currency and a store of value. We will see in the coming years if indeed Bitcoin would be playing this role big time as we are now seeing many evidence for a bigger picture along this line. Maybe in the person of Mr. Thiel we are finding a nemesis of Mr. Jamie Dimon who openly criticized Bitcoin as fraud even if his firm's clients are also into it.
Welcome to the new gold standard...the Bitcoin.
I will take it as a good exposure for bitcoin since the person involved was quiet one of the big name in the institution of Paypal.
However, bitcoin isnm't considered for me as a new gold as it can't be compared to any assets nor currencies since they are different in terms of used and purpose plus features. Bitcoin also have it's own path and direction to success since inception like gold. Like any other assets, bitcoin has it own advantages and disadvantages.
While bitcoin price is continously increasing, it got the attention of those popular names in the financial industry. Soon worldwide recognition is possible resulting to centralized thing that some people who used bitcoin doesn't want. We can't avoid it.
The only thing i see being similar between gold and bitcoin is that they both are volatile. Other than that, i don't see them being relevant to each other from any matter. I know they both are assets that people use for investments and keeping their money but bitcoin is a totally different concept. Gold is a natural resource while bitcoin is man-made and it has different features and uses. I don't think we should compare bitcoin to gold and call them similar from any means.
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