There’s been a lot of debate between goldbugs and bitcoiners. I’ve watched a couple of videos, one with Michael Saylor, one with Robert Kiyosaki.
We’ve had a nice talk on Twitter on this thread:
Stanley Druckenmiller, legendary investor, on #Bitcoin
“the way I’v always looked at gold”. More and more of us old guys are starting to see that #Bitcoin has better properties as a store of value all while being better for the environment than mining for more gold.
To be honest, I don’t think gold is going away anytime this millennium. The disagreements between goldbugs and bitcoiners are only due to tech adoption and boomer thinking. They are essentially saying the same things.
Yes, just differing solutions. I expect both to go up in demand; however, I think BTC will reduce the demand of Au, thus reducing negative mining impacts. Environmental thought leaders will likely begin understanding benefits of reduced mining; especially if we help them.
To expand on what I said on the tweet, I think that it’s the old guard raising their noses up at the new kids that loudly proclaim “gold is dead.” I’m rather young still, but I’ve read enough history and mythology to understand how interwoven gold is into our society. I don’t think gold is going away in the next 1000 years.
Sure, bitcoin behaves like digital gold, and sure, I too love it. But it’s complementary. Yes, bitcoin will surely flip gold’s market cap, simply because of network effects and lack of friction since it’s a digital asset. But it’s like comparing ebooks to paper books. I love ebooks, I can buy one and be reading it in 5 seconds. I also like paper books, though I tend to buy electronic lately. It’s a parallel thing, they work side by side.
If you take a goldbug article from 1970 and replace every instance of the word gold with bitcoin, you’ll get pretty much a modern argument. If you take some bitcoin articles and replace every bitcoin word with gold, you get the same argument.
It’s just a matter of tech adoption. Store of value, fear of fiat, debasement of the currency, all the enemies are the same. Let’s focus on what matters, how we get there matters little.