Topic: Uganda’s gold discovery: What it could mean for crypto !!! (Read 528 times)

Details are not available and for me it just sounds like another wild claim. We need to remember that gold is pretty plentiful in the planet. But in most cases, it is not economically viable to mine it, because the quality of the ore is too low to make the operation profitable. The presence of gold in the ore ranges from around 10 to 40 grams per tonne in some of the high quality deposits, to 1 to 4 grams for low quality deposits. The lower the quality, the more expensive it gets to mine gold. Uganda hasn't yet provided any solid proof to claim that their gold deposits are profitable to extract.

In my opinion, the discovery of gold in Uganda will not affect crypto . but indeed a lot of people who ask like that. but indeed there is nothing wrong with questions like that, because indeed with the discovery of gold in Uganda, many investors ask this question, because I myself as a beginner investor sometimes often think about gold that is found in Uganda. whether it has an effect on crypto or not. but now I think it will not affect crypto.

I hope Uganda has a free foreign policy and they are able to secure their gold and their assets unlike Iran.
When Iran had got the oil discovered - there was UK on top of then - than USA joined in.

Whether the world believe is a lie or not does not matter in the long run.
All it takes for Uganda to actually start a giant gold rush is the approvation by some geologist of good international reputation and the government being open to foreign companies to extract the metal in the soil.

If this is proven to be true, the greed of some mining companies and their shareholders is too big for them to ignore the existence of those ore reserves.
Even if it is true that the ore is there, it has no value if it is not extracted to the surface, not sure whether Uganda have the infrastructure to do so alone though, also not sure about the Uganda political position on foreign mining companies.

I still think that the whole world believes this to be a fake story. Think about it, if it was actually "that" big, Uganda would be on the way to be world leader in exporting that, get even like a slight bit of a share on that and they would be able to become one of the richest nations in all of Africa suddenly. They are not; because of nobody believes into them.

This doesn't mean that they are lying, it just means that people believe they are lying, but it is big enough to sound silly to be fair. In the end, if all goes well and they start to do it, and they actually do mine that out, then we will see how it will go, and if they are right, some things will change for sure.

You are correct so far the discovery has had minimal, if any, impact on the price. We will have to see the permits and how the extraction goes, at what speed, but until the gold is brought to market I doubt it will have a significant impact.

With Bitcoin we know, however, that this cannot happen. It wouldn't be impossible either because hypothetically there could be a consensus to increase the 21 million limit, but I think we'll see the elephants fly first.

I would like to know how Ugenda will save their reserves from international conspiracy.
Have they had strong defence and honest politicians and bureaucrats who would save the nation from international conspiracy and invasion?

Even if all of this ends up being a lie I will not be surprised that eventually at some place a lot of gold is found, the extraction of gold on the surface has been going on for thousands of years, however almost all the gold which could be underwater is still there in territory that is untouched, so I will not be surprised if the amount of gold still to be mined was 4x to 5x larger than all the gold ever mined, it will not be easy to access that gold but at some point our technology will improve to the point that extracting it will be possible.

People who see Gold as a finite deflationary asset forgets that mining techniques advance and new deposit/ mines can be found.
I would say it is too early to say this will impact price of gold negatively soon, gold (like any natural resource) must be extracted and refined for it to have a significant economic value in the markets.

Only time will tell whether Uganda will welcome mining companies and their infrastructure which is needed to efficiently put those golden bars out the ground, otherwise, those trillions of dollars will likely stay where they are.

Along with corruption there comes the politicians and bureaucrats those who can sell the country reservoirs - like what has happened in Iran and how the government of Iran has been toppled over by the authorities of the Iran to hand over the oil reserves to the UK. This is a strange game. And always the corrupt wins.

If it is as much as it is claimed (it is surely not) then it would of course impact it, if you print dollars and that causes inflation, then when you find gold then it is going to make it less valuable as well, same logic. This is why I believe that the best thing to do right now would be staying away from gold because it looks like gold could drop in value if even half of that is true.

I guess that it is just a fake news though, probably something Uganda government or some people made up to get some attention, and probably even scam someone, or maybe get votes, who know what’s the reason. Gold will stay to be valuable in the long run until we all die, it’s for sure.

But if corruption will persist because they discover a lot of money in that and they only want to make their pocket full then maybe this discovery cannot help their economy. So hopefully they have decent government which can handle well their new found wealth and let see if they have capabilities to maximize their resource so that their country will get benefit on this gold assets.

The discovery of this huge amount of gold in Uganda will not affect much in the short term, but in the long run we do not know, the main idea is that people look at gold as a precious metal and I do not think they will change their view of gold even if many times these tons are discovered, people will always continue In their pursuit of owning gold in any way, and this will make gold maintain its value regardless of the real quantities that exist on the planet, perhaps in the future millions of tons of gold (whether raw or manufactured and buried since ancient times) will be discovered, but this will not make gold lose its value Because people will keep running hard to own gold.
Therefore, in my opinion, what determines the true value of gold is the extent to which people are interested in it as a precious metal and a store of value, and not in the quantities that exist in reality.

I agree with the point you have stated. That can be one of the possibilities. With every blessing comes the trouble.
So you never know what is coming a head. I hope the government of Uganda takes good cares of the gold discoveries and will be able to save their country from the foreign conspiracy as well.

The problem is that even if there are no invaders there, it will still be very dangerous in my opinion because it is impossible for people who have power there to be silent with what they have now. Moreover, with the nature of human greed at this time, it will clearly trigger quite extraordinary upheaval.
When a group of cats is given fresh fish, it is certain that a struggle will occur and the same is true here when people who have power have the opportunity to get as many assets as possible, then anything will be done.

We can say that its been here through ages and i dont know on why people do really keep on tagging gold existence and events circling around which do been attached to bitcoin or crypto as a whole.
Why we cant just let those things to happen and its on independent manner. Even other economic events doesnt really give out significant impact on crypto in most cases but of course we cant really able
to tell precisely on whats happening in behind but those are all probabilities and something that cant really able to know thats why we do really become speculative because we cant able to tell on where the market
would be going basing up with those sentiments that circles around.Discoveries or something wont really mean a thing most of the time.

Gold has been mined on our planet for many millennia. But it continues to be of high value. Therefore, I do not think that the discovery of gold ore deposits in Uganda can significantly affect its price. All ore will not immediately turn into gold. This is a slow and labor intensive process. Its infusion into the market will be gradual. In addition, in our age of high technology, the cost of goods that are available in every country and are in civilian circulation is growing. It also serves as a guarantee against the depreciation of gold. After all, for every gram of gold there is a commodity that can be bought for it.
In general, this event in Uganda is unlikely to have any impact on prices in the cryptocurrency market.

Yes, I also very often heard that Bitcoin is the new gold, but this statement probably means that BTC can become the new digital gold, that is, have a similar value to real gold. As for the real gold of Uganda, it is difficult for me to say something about this, since it is not clear to what extent this information corresponds to reality. But if we assume that this is true, then there is a possibility that someone really needs real gold now. There was information that some countries want to return to the gold standard, and if this happens, then real gold will again be in great demand on the market. Returning to the question of BTC and its similarity with gold, I understand that everything will depend only on the demand for BTC. If demand is high, then Bitcoin can be called the new digital gold, if demand falls, then everything can change. In any case, new gold is considered to be an asset similar in some characteristics to real gold and its history of formation in the world.

I will tell you this for free, sometimes even if the International community doesn't push some conspiracy to invade the country, the local people are a problem to themselves. Take the Northern part of Nigeria for example, Gold deposits are found in that region particularly Zamfara state, today that state is one of the most highly unsecured states in the country and some local community Heads (Chiefs) have been arrested for causing violence on the people because they want the resources for themselves, so, we can see that in some countries, it doesn't have to be the international community but the people themselves. Resources that ought to be a blessing end up being a curse for some.

Those 300,000 metric tons of gold cannot be extracted at once, so the gold price cannot drop severely.
The gold mining company might decide to mine small amounts of gold in order to keep the scarcity and the high prices.
I'm not sure if the government of Uganda will create a state owned company to mine the gold and there will be a concession to a big western corporation.
Gold isn't inflationary, it's value/price is measured in inflationary fiat money and the fiat money supply will always be greater than the annual gold mining production. Sorry to say that, but I don't expect the gold prices to drop.
What could this news mean to Bitcoin/crypto? They don't mean anything, if you ask me,

My guess is that if Uganda really does find that gold ore mine, someone is going to come up with an excuse to invade Uganda and extract gold from it illegally, just as oil has been extracted illegally from Middle Eastern countries.

In the case of Uganda owning this gold, I don't know if this will be joy or disaster for them at any time, it is confusing when the world is full of calculation and death just because of money.

Gold is expensive. And the discovery of gold can bring in very good opportunities for the government and the people of Uganda.
But as stated above - like the oil producing countries are always in trouble due to invaders I hope Uganda survive this international conspiracy.

I don't think an inflation in gold supply can happen like that just because a new huge mine was found! After all, the ratio of new gold entering circulation is quite low and that's one of the reasons gold can keep volatility under (relative) control!

Despite the fact that usually market defines the flow of things in this regard, meaning that when demand greatly increases, man will find a way of increasing prouction/extraction/manufacturing to satisfy the demand, but in the case of gold, I think that can take consierably more time than we think, so I don't expect that the ration of new gold vs gold in circulation can raise so that price can change by that much.

I hope and wish the Uganda remain safe from outside invaders - if really the goldmines are discovered there.
But if it is choice between gold and bitcoin. .it's a difficult thing. Maybe I would get the gold and sell it and then quickly invest in some local business.

Yes, not only as an asset use or can be used for paying but the items on traditional events like wedding, Olympics, and others, requires a gold on them. While crypto on the other hand is just a new type of currency which is not necessarily needed because we already have a lot of currencies and digital payment methods although there is only one feature that makes cryptos stand out and that is most of them are decentralized.

I think they are the first in terms of it. Meanwhile, Uganda's gold discovery could mean a big thing for the cryptos which has a limited number of supply (btc for instance). This makes them more valuable over gold.

I also saw this news and there was a post about it, but need to know if this is just a one-sided statement by Uganda or if the world gold association has confirmed this information is accurate or not.

In fact, gold and Bitcoin are two assets that we need to hold, let's diversify our portfolio to minimize risk and we will use each asset for each purpose as needed. Both are very good, but if I had to choose one, I would choose Bitcoin.

My article on gold and bitcoin recently: Will you be in favor of Gold or Bitcoin !!


regards

Duke

There's a big difference between Gold and BTC, but in terms of the function it gives to people, I think it's quite the same. Being a store of value makes it valuable to the people who want to keep the value of their money and possibly increase their wealth with the increased price of the said asset.

If we are talking bout the influx of possible new money coming in because of the gold, it could be an influx of cash.

If you want to fix this (the inflationary problem) just return to Gold standard, or explore more uses for Gold that create demands. Excess supply could be used as currencies.. . A coin of gold should really be real/pure gold and very valuable.

More gold discovered means there will be more gold around and naturally one would expect the gold prices to come down. It has nothing to do with bitcoin or crypto in general. Congratz to the Ugandanian people if the news are true. Hopefully there isn't a corrupt government ruling Uganda so the Ugandanian people will be able to take their share from this newly found wealth.

Bitcoin and gold can coexist. It don't have to be one or another. Both will have their spot.

Something obviously missed in the reports, and sounds more plausible, because to find the same amount of actual aurum that's on its own 50% more than what the entire world produces definitely sounds far-fetched.

Though, as philipma notes earlier, even if true, that gold spread out over 30 years (which is still pretty fast) won't do much to budge markets, given there already has been for years supply unable to meet demand.


Wait... so I'm not getting double my Bitcoin back from the secret bastard son of the late Sani Abacha?

Precious metals such as Gold and Diamonds are expensive not only because of artificial rarity, but also because they are so hard to find that there is no basic material to process and manufacture as many people want. So that's another factor that makes Gold and Diamonds more expensive now, and I think it's very different from Bitcoin which has a known supply that Bitcoin is expensive just because lots of investors are buying and holding it.

Complicated in what way? Any precious metals market will not become chaotic under the current conditions, even if it can be chaotic only in a very short time, and it will not be the same as the crypto market which is currently in turmoil.

Nothing.


The highest grade mines in the world roughly get ~20-10 grams per ton.

So 31 million tonnes of ore will get you 310 million grams, which is 310 tonnes not 320 000.
Unless someone has magically discovered a mine that contains ore with a quality of 1000x more than anywhere in the world, then the next most possible thing is somebody put a , instead of a .

So that gold in Uganda is just as real as the prince in Nigeria.

Looks like they're going to do the same thing they did before with Diamonds,
because if the commodity market becomes chaotic maybe it will create a domino effect and it will become a more complicated problem

Sooner or later the countries will diversify their reserve assets. So more gold can drive gold price down, but may also have an indirect effect on Bitcoin (very long term) price too.
Everything counts in large amounts.

Apple co founder Steve Wozniak remarked upon science devising better methods to detect and extract gold from the earth's crust. As science progresses the state of gold mining will progress. While the rate of bitcoin mining will essentially remain the same, no matter what progress is made with moore's law. That is a great overview of supply side contrasts separating BTC and precious metals.

It is also possible that asteroid mining could someday become a reality. With asteroids containing many metric tons of precious metals being harvested to increase the supply of gold, silver, platinum and precious metals on earth.

Gold and precious metals today are not great tokens of exchange as they cannot be stored and shipped easily in larger quantities. They also cannot easily have fractional amounts shaved off ingots of gold or silver to pay for a cup of coffee and other retail expenses. The increasing price of oil, shipping and transportation only contribute to these disadvantages.

Uganda is not the only nation to have recently discovered precious raw material reserves. It is also claimed that afghanistan contains trillions of dollars worth of raw materials. The discovery of these deposits does not guarantee an industry will arise which will harvest resources. It seems that the current trend is shifting towards non exploitation of reserves, rather than the opposite.

If true, this could make bitcoin more attractive as a store of value over gold.  However, I'm sure they will ration this out as to not flood or destabilize the gold commodities markets like they do with diamonds, i.e., artificial scarcity that keeps the prices inflated.

I think the issue with if bitcoin could serve as a store of value have never been the problem. Bitcoin is more than capable but the issue is, Bitcoin not being centralized as the coin own and flown in the market cannot be controlled.

Gold on the other hand could be subject to some regulations aside from the much that would find there way into the black market but but at that, its got an edge to acceptance than Bitcoin when it comes to serving in the capacity as a reserved currency. I don't see Bitcoin gaining in on this one just yet.
Perhaps things might change in the far future and by then, bitcoins own by individuals would be so priceless.

I doubt such news can have a direct impact on the price of gold at least not for now. The supply may be unlimited but it seems to be Scarce because of it's value and demand, assuming this news is 100% authentic it won't dip the price of gold since big organizations will just buy them up. Many people still sees gold as the best safe haven because of its very low volatility nature.

Well, one more thing shows that gold is always needed. No matter if more gold mines are being found around the world, technology to dig deeper to explore all the earth's surface for a new gold mine. Can't compare to crypto if somehow the max supply is found to have more than everyone thought.

Gold is inflationary from the beginning. It has an unlimited supply on earth but the problem is it's not that easy to find that's why it's so much valuable. Besides that its use-case in the semi-conductor industry is massive so the demand never drops.

The terms replace will not be appropriate in here because BTC and gold are two different types of the asset class. They have different variables and definitions. There will be people who will never accept BTC as a safe place for a store of value and some will prefer BTC more than gold. But some people will use both to store values and this number will be higher. None of the assets from those two will lose all of their interest from people over time.

Here's what it will mean to crypto - absolutely nothing.

The majority of that gold will just be sold to China anyway, in exchange for developing infrastructure in Uganda (China has historically helped African countries with this model).

Surly discorvering gold in a country won't change things a lot. The most important thing you said is about gold having a limited total supply, the thing we know about it is the total supply is pretty sure limited for gold but that's not very clear like bitcoin, when you are talking about bitcoin you know there will be only 21M bitcoins in the world and that's not going to be changed about bitcoin. But on the other hand, we know the total supply of gold is also limited because even if they discover all the gold mines in the world the amount is still limited but that's better to say that's an unknown limited amount of gold total supply.

I don't know if the estimates of gold for this Uganda ore are correct and how they can compare to what's known of gold these days, but the Reuters article suggests that the supply in there might exceed the total amount of gold currently in circulation. If that's true and it can be extracted in such numbers, gold could indeed devaluate extremely. And yes, with Bitcoin, it would never become a problem. Also, it's no secret that gold mining has big environmental impact, harms the communities and nature, contaminates water supplies. Bitcoin mining, on the other hand, doesn't have such a direct negative impact on communities and can be done in eco-friendly ways.

For Uganda, this is a great success! If gold is further mined from new deposits in this country, then these revenues may exceed revenues from the exploitation of oil fields. And this is very, very good money! How this may affect the price of bitcoin, I do not know. And I am very happy for Uganda! African countries deserve good living conditions. Uganda's mining industry needs support now.

I think since gold is a physical asset such news may not impact the price the way it would have if it was about crypto. Unlike crypto,  i doubt anyone will panic sell their gold base one the news about the Uganda gold discovery, if this is actually true, and they somehow managed to extract it perhaps it will have a slight effect but I doubt that is happening anytime soon.

Huge ore would survey call for big investors to invest in Uganda for extraction, share of interest etc but having huge supply means worlds demand is getting fulfilled and thus it would lead to lesser pricing. But obviously extracting gold is not easy task. Its gonna take huge set up before the operation can be started up in Uganda. Government will have control over the operation so there would be challenges in prices too. Anyways gold synch throughout world and then prices are decided.

I dont think there would be much of the influence of this over bitcoin. Bitcoin still stays as independent asset and will thrive like that.

Imho gold is so expensive because it's being hoarded by the central banks and other institutions. It's not only about the scarcity, it's also about the demand.
So the silver example may not be the best, since, although it's indeed scarce, the demand is also not that good.

It is hard to react to something which appears to be highly exaggerated. This has yet to be ascertained. So without a solid proof of its existence, this is nothing but a mere rumor. Or perhaps a wishful thinking on the part of Uganda. For now, it is more unlikely than likely that there is indeed 31 million metric tons in gold ore, whose equivalent is approximately 320,158 metric tons in refined gold, under Ugandan soil.

But if it's true, then it must be a good thing. The world needs gold and it surely helps a lot if it becomes much more affordable.

I don't think it will have a direct impact on Bitcoin. Bitcoin is scarce, we already knew that, while gold has no limit, just as fiat currencies have no limit and more and more of them are being printed. I think the news will have an impact on the price of gold, in the medium term, but I don't see a direct correlation of the Bitcoin.

Yes I heard about this last week and was surprised that it didn’t have much affect on price of Gold. So I am assuming it’s because it hasn’t been confirmed or that it’s so difficult to extract the gold that it won’t have a big affect on price.

Same with Elon’s theory of how there is tons of Gold on asteroids. It also didn’t affect price. Because even if it’s out there, doesn’t means it’s easy to land on the asteroid and extract the gold. Mining the gold is very costly and difficult.

There are some reports that the gold discovery in that country is far lesser than what was announced by the government of Uganda because they may have been confusing metric tons with ounces in their projections. This news didn’t even affect the current price of gold and I doubt if it would ever. Hence, I don’t expect much from this news because the World Bank and its allies know how to manipulate such discoveries to ensure it doesn’t affect the economies of its financiers whose wealth are mainly stored in gold. The same story line, destabilize the country politically through coup or internal crisis. Support and empower a particular group and use them to illegally extract the gold. Then loot and move the resources to their lands and control its demand and supply as usual. It happened the same way in Liberia, Sierra Leone, Congo, South Africa and it is currently happening in Central African Republic. 

dude the amount of gold in Uganda when extracted is 300,000 tons.  all the extracted gold in the world is 200,000 tons.

so the supply is now 500,000 not 200,000.  The issues are simply is it easy to work and can it be extracted in:

 1 year if so gold will tank like a motherfucker.
 5 years gold will drop under 1000 bucks.
10 years gold will drop a small amount.
20 years gold will stay about the same.

Add in the gold on the asteroid and we go to 1,500,000 tons of gold about as much as silver.

of course the asteroid gold is less certain to be mined.

Silver is a better metal to hold for inflation as there is about 1,500,000 tons mined as I type so finding 2,000,000 tons is unlikely and my fear of silver flooding the market is not so big.

Why people always include bitcoin on discussion while we can say all of those is physical assets which can possibly used by their government to strengthen their economy? For sure if a investor is also a crypto users for sure they will adopt the two option since having a good commodity to invest and bitcoin asset to have is better option so for me I don't think its good to compare if anything bad or good will happen if certain discovery will down or up.

Gold will not become inflationary as a result of this discovery.
While there may be some uptick in demand for the metal as a result of this news, the overall impact is likely to be limited.
Bitcoin, on the other hand, could potentially replace gold as a store of value due to its scarcity and reliability. If it does happen, then it will be at least 2~3 decades later. I hope it becomes a reality.

The numbers from Uganda are probably exaggerated.

Very, and from the bottom of my heart, happy for Uganda! The discovery of new gold deposits can improve both the financial and social sphere in the country. But not a fact ... Unfortunately! It all depends on how these resources will be managed by the owner of this valuable resource - the PEOPLE and the government of Uganda! There are many examples when some countries, usually with a totalitarian or inadequate government, use profitable resources for inadequate goals. This may be the enrichment of a small group of friends of a totalitarian ruler, corruption schemes, etc. I am not familiar with the situation in Uganda, so I am not ready to predict the development of events after the discovery of such resources.
Yes, and this will not affect bitcoin in any way, due to the fact that the real world of fiat money has nothing to do with the speculative and manipulative world of cryptocurrencies...

To many, bitcoin cannot yet be regarded as a reliable store of value, and gold will still remain top on their option list despite any information about an increase in supply. The demand for gold is very high so any little quantity that the Ugandan government can mine and continue to supply to the market, will quickly be taken off the market for use, hence gold will not be as random as we may think and prices may not fall.

It would be nice of corruption doesn't set in.

this is true, even if they claim they are sitting on tons and tons of gold. it doesn't mean they have easy access on such precious metal. it would take years and years before they will extract gold, hence, i don't think it will have significant impact in the gold market. would be nice if they can really get some of it now to help the Ugandans people.
i don't think this will be a determining factor for some investors in crypto. people will invest in gold or crypto, depending on how they look at this market. this uganda's gold discovery i guess won't be such a big deal in my opinion.

Risk is there for both gold and bitcoin. Even though the number of bitcoin is capped, it doesn't necessarily mean that it is deflationary in nature. Also bitcoin haven't yet proved itself as a great hedge asset. It's super volatile and we are all seeing the same in the market currently.

Gold has been used as a hedge asset since a long time. Uganda's gold discovery wouldn't dent on the price of gold due to its robust demand. Also a gold deposit takes a long long time to excavate so it's highly unlikely to increase the supply to such an extent that damages the price trajectory of gold.

There's a possibility that gold is becoming inflationary as if you look into other things that has less value than gold already has inflation.
I doubt that bitcoin or any cryptocurrency can replace it but still you can compare the same way as before as a "digital gold".
Probably with that kind amount of gold being mined on Uganda but still that kind of amount, it will surely affect it's price having it supply being boosted with that amount.

Just finding a gold ore is not enough one must weight down everything that there is before jumping to their opinion they would need investors, mining permission and considering the impact on the environment the government might not be that reluctant to bet on it and even if they did it would take years, they won't be able to add everything that soon in the circulation which means that the price decrease for the gold would be gradual and would not be that important. Other than that cryptocurrencies like Bitcoins, they should not be called digital gold perse since we do have an Altcoin named the same as well and I do think that bitcoins and gold is very different and people already know it right now, they are investments for sure but they don't have to be that competitive.

Historically, China, India, Europe and North America have been large extractors of raw materials from mines (North America has also had an extent of control on South America to gain materials from them too). In a lot of circumstances, African countries are the ones that have been left behind in the funding of these material extraction - until a few years ago when a lot of countries seem to have started to do their own explorations on account of cheaper extraction facilities and a rising price of minerals (because the availability everywhere else is slowly running out - potentially).

There has been mining for a long time in Africa but it seems to have been for specific materials and less of a focus on things like gold (or coal afaik).

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Most things can have inflation now anyway too (even materials like diamond can be artificially generated) it'll be interesting to see if gold gets devalued by more discoveries in the future too (in science and technology as well as naturally occurring discoveries).

Is gold becoming inflationary? Can Bitcoin replace it as a store of value due to its scarcity and reliability? Are Uganda’s numbers implausible? Questions arise.





These are fraught times for the cryptocurrency and blockchain sector, so it isn’t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel.

What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially.

Bitcoin has periodically laid claim to being digital gold largely on the strength of its strict 21 million supply limit, which makes it non-inflationary and a good store of value — in theory. Gold, of course, is the store of value par excellence, with a limited supply and a solid track record that goes back millennia.

But, if Uganda is sitting on 31 million metric tons of gold ore, as the government declared, might not that substantially boost the world’s gold supply? That in turn could lower the price of gold — and make it a less secure “store of value” generally. Gold’s loss could be the cryptocurrency’s gain.

Some drew encouragement from this notion. Microstrategies CEO Michael Saylor, for instance, posted a video on Twitter about the Ugandan discovery of “huge gold deposits” which might net 320,158 metric tons of refined gold “valued at $12.8 trillion.” As Saylor noted on June 17: “#Gold is plentiful. #Bitcoin is scarce," further telling CNBC:

source

And am wondering how did Uganda get hold of such a huge number of gold ore all of a sudden? and if this this true will this be enough reason for investors to turn to btc with proven limited supply or not? Do share your beautiful opinion.